Spinnova prepares for US IPO to fund fibre technology scale-up

Finnish materials technology company Spinnova is preparing for a potential US stock market debut, as it looks to raise at least 15 million dollars to support the commercialisation and scale-up of its wood-based textile fibre technology.

The company has confidentially submitted a draft registration statement to the US SEC for a proposed initial public officer. Spinnova said it hasn’t yet determined the price range, nor the number or type of securities to be offered, and the offering remains subject to market conditions and other regulatory requirements.

If completed, the IPO would give Spinnova a dual listing, with its shares continuing to trade on Nasdaq First North Growth Market Finland while also being listed on a US exchange. The company intends to use the proceeds to accelerate its Eteläportti demonstration facility, advance commercialisation and for general corporate purposes.

The move comes after a challenging period for Spinnova. Production at its Woodspin demonstration factory came to a halt in 2025 after Brazilian pulp producer Suzano withdrew further investment from their joint venture. Spinnova went on to acquire full ownership of Woodspin and Suzano Finland, taking control of the facilities and its fibre production.

In April, Spinnova relaunched test runs at the Jyväskylä facility as evidence of its technology running at larger scale, with the goal of improving production efficiency and fibre quality. It has further been building an industry consortium to support commercialisation, including engineering company Sulzer, which joined in February to help improve the technology’s industrial readiness and cost competitiveness.

Spinnova has established interest and offtake agreements from fashion names including H&M Group, Marimekko, The North Face, Armedangels and Tommy Hilfiger. These partnerships have yet to translate into significant sales.

The company reported revenue of just 344,000 euros in 2025, down 54 percent year-on-year, while its operating loss more than doubled to 41.3 million euros.