Finnish biomaterials company Spinnova has reported full-year revenues of almost €24.3 million for 2022, an increase of more than 300% year on year.

During the year, Spinnova completed the construction of a first factory for its Woodspin product, which is a textile fibre from cellulose derived from wood pulp. The factory began producing fibre in February 2023. It expects to complete the construction of a second Woodspin factory, with its partner Suzano, in 2024.

In he course of last year, the company worked on projects with clothing brands including The North Face, Bergans, Icebreaker, Terrex, Marimekko and Bestseller. It increased the size of its workforce by almost 30% to 75 people.

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