Spinnova

Based in Finland, Spinnova develops a cellulose-based sustainable textile fiber from wood, agricultural waste, and leather waste. The material can be used across applications such as footwear, garments, accessories, and upholstery. The company claims that its fiber is sustainable and fully circular using  99.5% less water and produces 64.5% less CO2 emissions than conventional cotton production. 

In May 2021, Spinnova announced that it—together with Brazil-based wood raw material supplier Suzano—will invest EUR 22 million to construct its first commercial-scale manufacturing facility in Finland. The production facility is expected to come online in 2022 with a production capacity of one million tonnes of fiber per year by 2031. The company also plans to launch a pilot facility to produce fiber from leather waste in collaboration with KT Trading, the leather partner to premium-quality shoe brand ECCO, by the end of 2021. To further expand its manufacturing capabilities, the company also partnered with  Tearfil, a leading Portuguese spinning mill, to operate its R&D yarn-spinning line , which will be located at Tearfil's facilities in Guimarães, Portugal.

As of June 2021, Spinnova has been used by brands such as Adidas, H&M, Norweigian outdoor brand Bergans, and Finish fashion brand Marimekko. During 2020, the company recorded revenue of approximately EUR 254,000 (approximately USD 310,300). As of October 2021, the company has also entered into partnerships with brands such as North Face and Icebreaker  to expand the use of its ‘Spinnova Fiber’. 

In June 2021, Spinnova started trading on the Nasdaq Helsinki First North Growth Market following an initial public offering (IPO) that raised EUR 100 million (USD 117 million) in funding. Adidas also joined in on the investment, having announced plans to invest EUR 3 million (USD 3.7 million) in Spinnova’s IPO, in a bid to source a significant amount of sustainable fiber produced by Spinnova in the future. The company will direct EUR 60 million (USD 74 million) of the funds towards scaling up its wood-based fiber production and the remaining EUR 40 million (USD 48 million) in expanding its leather-based fibers manufacturing capacity, developing other sustainable raw materials, general R&D and patents, recruitment, marketing, and other purposes. The company also received USD 1.6 million in grant funding from Business Finland in October 2022 to finance R&D projects on its technology and fiber applications, and another EUR 1.9 million (~USD 2.1 million) grant in August 2023 from Business Finland for its sustainable textile manufacturing technology.