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Friday, July 1, 2022

Sustainable Textile Fibre Technology Receives €11 Million Investment For Commercial Scaling

Finnish sustainable deeptech company Spinnova aims to revolutionize the raw material base of the textile industry with its cellulose-based fibre products in collaboration with major textile brands – and with a growth capital of 11 million euros, now they’re starting the commercialization phase of their state-of-the-art sustainable textile fibre.

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Spinnova is beginning to plan for the commercial phase after passing its most important milestone so far; getting proof of concept from its pilot factory. The pilot line was completed in Finland last December and ramped up over early 2019. Now fully operational, the pilot is producing fibre for Spinnova’s brand partners, while Spinnova scales towards a commercial facility.

Spinnova recently completed a financing round that ensures getting to the commercial phase without further financing needs. The 11 million euro total investment came entirely from Spinnova’s existing investors; family investment offices, private investors, a venture capital investment fund and industrial partners.

There has been a significant amount of brand interest towards Spinnova’s innovation. As Spinnova and its industrial partners begin to plan for the first commercial facilities, uptake agreements will be available to brands who want to make sure they are early adopters of the world’s most sustainable fibre. The fibre recently passed industrial spinning tests, which was an important step of the fibre’s journey towards a commercially viable drop-in material.

Following close collaboration with piloting brands, several demo products will be introduced to consumers in the near future. Spinnova’s vision is that its sustainable fibres become an attractive option to brands and this way available to all consumers.

“We have proven success in both strategic focus areas related to our vision: We work closely with brands in developing our fibre products and will scale the sustainable technology to big volumes with industrial partners” – comments Spinnova’s CEO and co-founder Janne Poranen.

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Gabriella Somos
Gabriella Somoshttps://www.linkedin.com/in/gabriellasomos/
Gabriella is a marketing and communications professional with several years of media industry experience under her belt. Content, copy, articles, interviews – now covering the Nordic ecosystem.

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