Spinnova has developed a mechanical, patented process to make textile fibre from wood pulp and waste (including leather, textile and agricultural waste) without dissolving or harmful chemicals. The company says its SPINNOVA® fibre produces no side streams, uses minimal CO2 and water, and has the look and feel of natural cellulosic fibres. Current R&D work aims to lower capital expenditure and operational expenses of its production technology and to support scaling of technology sales. The company is pursuing process efficiency, fibre recipe development and automation in the near term, followed by product development for new textile and other applications. Spinnova has previously received grants from Business Finland and states that this R&D loan is non-dilutive and does not change its prior position that no additional external financing is required to meet its strategy targets. Spinnova’s shares (SPINN) are listed on the Nasdaq First North Growth Market Finland. Spinnova has developed patented technology for manufacturing cellulose-based textile fibres that uses 0% harmful chemicals and produces 0% waste or side streams. The company’s core product is a sustainable textile fibre produced with this deeptech process. It intends to use newly raised funds to start the commercial phase of the fibre. Spinnova aims to globally commercialize its fibre products in collaboration with major textile brands and industrial partners. The company is led by CEO and co-founder Janne Poranen and is based in Helsinki, Finland. Financially, the company completed an €11m growth funding round to support commercialization. Spinnova develops low-cost, environmentally sustainable technologies to make fabrics from wood fibers, producing filaments and yarns for woven and nonwoven applications. Its processes aim to replace conventional raw materials such as cotton and viscose. The company is pursuing development, testing and piloting of new high-value bio-based products at pre-commercial scale. A strategic partnership with Fibria is intended to accelerate technology development, production and global market entry. Pöyry managed the partner search and negotiations that brought the two companies together. Management describes the tie-up as creating strategic synergies that will help Spinnova grow faster and enhance its global competitiveness.

Total raised

$26M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Oct 2024