Six months of milestones for Spinnova
Spinnova chief executive and co-founder, Janne Poranen, has said the Finnish waste-to-fibre developer reached “the most important milestones of its journey so far” in the first half of 2021.
In the six-month period, Spinnova announced adidas and H&M Group as brand partners and continued product development initiatives with existing partners, including Bergans, Bestseller, Ecco, Icebreaker and Marimekko.
Mr Poranen also pointed out that adidas had become a cornerstone investor in the business in a successful initial public offering of its shares in June. Around 20,000 investors participated in total and the company raised €115 million to fund future developments.
These include the first commercial factory for Woodspin, a 50-50 joint venture between Spinnova and strategic partner Suzano. It also started building a proof-of-concept production line for leather waste-based fibre, Respin, a joint venture that Spinnova has set up with KT Innovations AG.
The company has reported revenues of €370,000 for the six-month period, which is 45% more than its revenues for the whole of 2020.
