Mativ Holdings, Inc. (NYSE: MATV) announced an equity investment in Miru Smart Technologies on January 14, 2026. While the exact dollar amount was not disclosed, the stake is intended to deepen the partnership and position Miru for commercial production of its electrochromic eWindow technology, with a primary focus on vehicle platforms.
The investment builds on a joint‑development history that began with a partnership agreement announced on October 9, 2024. Mativ’s Argotec polymer‑film brand has been used in Miru’s eWindow prototypes, and the two companies secured their first commercial purchase orders from major glass manufacturers in 2025. Miru’s eWindow system, which can automatically tint, block UV, and regulate temperature, is designed to meet the growing demand for energy‑efficient glazing in both automotive and building markets.
Strategically, the equity stake allows Mativ to leverage its advanced materials expertise to scale Miru’s technology. Miru has set a target of deploying 10 million square feet of eWindows by 2028, a goal that aligns with the automotive industry’s push for lighter, smarter vehicles and the construction sector’s sustainability mandates. By integrating Miru’s dynamic glazing with Argotec’s polymer films, the partnership aims to reduce manufacturing costs, shorten time‑to‑market, and capture a larger share of the projected $5 billion smart‑window market.
Mativ’s financial performance in the third quarter of 2025 provides context for the investment. The company reported earnings per share of $0.39, beating the consensus estimate of $0.27 and reflecting disciplined cost management amid a challenging macro environment. The earnings beat, combined with a solid balance sheet, gives Mativ the flexibility to pursue strategic acquisitions and capital‑intensive projects such as this equity investment.
CEO Shruti Singhal said, “Building on our strong 2025 performance, this investment underscores our confidence in Miru’s technology and our shared goal to establish eWindows, integrated with Argotec, as a leading solution for energy‑efficient glazing.” The comment highlights Mativ’s intent to use its financial strength to accelerate product commercialization and reinforce its position in the specialty‑materials sector.
Additional context shows that Miru closed a $20 million Series A round on August 8, 2024, and that Mativ operates through Filtration & Advanced Materials and Sustainable & Adhesive Solutions segments. The partnership is expected to strengthen both companies’ competitive positions and drive growth in high‑margin automotive and building applications.
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