Teeps are tobacco sticks that use a pressed carbon heat source to create vapour containing nicotine. The non-tobacco product to be launched in 2017 resembles the IQOS tobacco heater in shape. Steem uses a chemical process to create nicotine salt that is vapourized. Two versions, one with electronics and one without, are under consideration, the company said. PMI plans city launches for both products.
Reduced risk products (RRPs), including the IQOS tobacco heater, should account for at least 30 per cent of annual volume by 2025, PMI said in its second United Nations Global Compact Report. UNGCs are voluntarily compiled by nearly 9,600 companies to chart progress toward universal sustainability principles. Last year PMI used the report to announce its intention to get out of the cigarette making business.
“Starting with this report, we will regularly publish key metrics for investments, resource allocation and results to make our business transformation verifiable by the outside world,” said CEO André Calantzopoulos. “I am fully aware that many people are skeptical about our company and our products.”
PMI pledged nearly USD 1 billion (EUR 836 million) over 12 years to establish and support the work of Foundation for a Smoke-Free World to, “encourage innovative measures to reduce the harm caused by smoking.”