Spinnova granted R&D loan to develop tech and product

Finnish textile innovator Spinnova has been granted an R&D loan by Business Finland to help develop and scale its technology and product, while lowering capital expenditure. The loan itself amounts to 12.7 million euros, and will be divided into two phases over the course of three and a half years.

The first phase, for which 7.7 million euros will be provided, will focus on process efficiency, with plans to further fibre recipe development and automise of Spinnova’s technology at the core.

Evaluated at 4.9 million euros, the second phase will last one and a half years, and has a prerequisite of certain technical and commercial criteria, which must be met in the first phase of the project.

If passed, this phase will focus on product development for new textile and other applications, in addition to process efficiency.

The loan represents 50 percent of the project’s total cost estimate, Spinnova said, which totals 25 million euros over both phases. It aims to support the scaling of Spinnova’s technology sales, and contributes to the firm’s plans of lowering capital and operating costs.

In a release, Spinnova’s chief technology officer, Juha Salmela, said: “We are grateful that Business Finland continues to support Spinnova in the commercialisation of our fibre technology.

“With this significant financing, we are able to speed up our R&D work, which is done together with our partners, in order to increase the cost competitiveness and attractiveness of the unique Spinnova technology.”