On Holding scales CleanCloud captured carbon midsoles to over one million pairs ahead of schedule

On Holding, the Swiss sportswear brand behind the Cloud X 5, has scaled its CleanCloud captured carbon midsoles from prototypes in 2022 to over one million pairs in 2026. The midsoles use eNaphtha derived from captured CO2 supplied by Infinium, with Borouge International handling the polymer conversion. This marks one of the first large scale uses of captured carbon as a primary feedstock in footwear, moving the technology from novelty to commercial reality years ahead of the original timeline. The article examines how this ramp could affect On's investment narrative, noting that while CleanCloud strengthens the sustainability and innovation story, the near term drivers remain direct to consumer execution and global expansion. New leadership appointments in global markets and customer channels may have more immediate impact on valuation than the carbon capture milestone itself. For those following carbon utilization and low carbon materials, this is a concrete example of captured CO2 entering a consumer product at scale. The question is whether other brands follow and whether the supply chain for eNaphtha can grow beyond niche applications.