Loan to help Spinnova develop its fibre technology
Fibre developer Spinnova has been granted a loan of up to €12.7 million from public-sector growth promotions body Business Finland. The money is specifically to help Spinnova develop its fibre production technology.
A first phase of the loan, totalling €7.7 million, will cover two years’ work. A second phase, for €4.9 million, will cover a further 18 months’ work.
The first phase of the project focuses on process efficiency, further fibre recipe development, and automatisation of Spinnova’s technology. In the second phase, the focus will be on product development for new textile and other applications, in addition to process efficiency.
“We are grateful that Business Finland continues to support Spinnova in the commercialisation of our fibre technology,” said the company’s chief technology officer, Juha Salmela.
