VTT steps back from ownership of Spinnova - sportstextiles: Lea SportsTextiles

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VTT steps back from ownership of Spinnova

20/08/2018
Finnish bio-yarn producer Spinnova has said recently secured investment will allow it to ramp up production at its pilot factory and to initiate the next phase of its growth.

The company made the comments after announcing that it had obtained financing from Finnish public funding agency Business Finland and from cooperative banking group OP Bank.

OP Bank has granted Spinnova loan financing of €4.5 million, which is guaranteed by the European Investment Bank. For its part, Business Finland, a partner of Spinnova for the past three years, is providing a loan of €3 million. 

Spinnova also announced that its ownership structure has changed. Finnish technical research institute VTT, which developed the technique Spinnova uses to turn wood fibres into yarn, has exited the company. 

It has been replaced by two new investors: venture capital company Maki.vc and investment company Beata Domus.

Janne Poranen, CEO of Spinnova, said: “Thanks to our financiers, starting the pilot factory and product development work are moving full speed ahead. Licensing the technology now being developed in Finland is our most likely future business model, so piloting the technology concept on an industrial scale is now our main priority.”

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Spinnova’s cellulosic fibre is ‘a one of a kind material’ 18/12/2018
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New partner will help Spinnova commercialise its wood-based yarn 08/11/2017
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