Spinnova receives Business Finland NextGenerationEU grant for fibre development work
SPINNOVA PLC, PRESS RELEASE, 4 October 2022, 08:00 a.m. EEST
Spinnova receives Business Finland NextGenerationEU grant for fibre development work
Spinnova Plc has received a grant of a maximum of 1.6 million euros for its research and development work from Business Finland for the time period 1 October 2022 – 31 December 2024. The grant amount represents 50% of the project’s total cost estimate of 3.2 million euros.
The development project focuses on the follow-up research of Spinnova technology and fibre, targeting fibre utilization in new application areas and product segments such as composites and nonwovens. For example, the project includes continuous natural filament development, which allows SPINNOVA® to be used in new types of textile products and to explore the composite segment. In addition, the project includes development of scalable environmentally friendly dope-dye technology where the raw material of SPINNOVA® fibre is dyed already before yarn production. Compared to conventional dyeing, the dope-dye method significantly reduces the use of water, energy and chemicals. The utilization of non-toxic natural dyes in textile dyeing is also being explored in the project.
The grant is part of the European Union’s NextGenerationEU financing and Finland’s Bio & Circular Finland sustainable growth program. The project must during its whole lifecycle meet the DNSH (Do No Significant Harm) requirements and environmental and digital criteria presented in the funding application. Business Finland’s financing speeds up and expands the project by improving its business potential and allows more risk taking in the content of the project.
”With the Business Finland grant we can continue our extensive development work of Spinnova’s unique technology and fibre. It’s great to see that Spinnova’s potential in the global fibre markets has been recognized and top-level Finnish research and development work is being supported financially”, comments Spinnova’s CEO Kim Poulsen.
“Spinnova is a great example of how a company’s continuous development is important - they never settle for the existing but always develop something new. The sustainable competitive advantage Spinnova has gotten from their technological development has been the driving force for them”, Business Finland’s Funding Manager Veli-Pekka Ihanus comments.
The grant contributes to Spinnova’s growth plan. Established in 2015, Spinnova is ramping up its global commercialisation phase. The first commercial-scale factory of Spinnova’s joint venture company Woodspin is expected to be completed in Finland at the end of this year. Spinnova aims to scale the production of sustainable SPINNOVA® fibre to one million tonnes by 2031-2033.
Spinnova Plc
For further information, please contact:
Virva Vesanen, Head of Investor Relations
Tel. +358 20 703 2430
ir@spinnova.fi
SPINNOVA – Sustainable textile materials, naturally
Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.
The SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste. SPINNOVA® fibre is produced without harmful or complex chemical processes, and has the touch and feel of natural fibres such as cotton and linen.
Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.
Spinnova’s shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
