Spinnova news and archive

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...

Business

Spinnova's first half revenues decline

Spinnova’s revenue for the first half year declined to 362 thousand euros, while operating result was negative 9906 thousand euros. As a part of its cost restructuring program, the company made changes to its management team. Commenting on the restructuring plan to improve profitability, Spinnova CEO Tuomas Oijala said in a statement: As part of...

Business

Spinnova producer awarded FSC certification

Woodspin, the exclusive producer and distributor of wood-based Spinnova biodegradable fibre, has been awarded the Forest Stewardship Council (FSC) Chain of Custody certification, offering full supply chain transparency. The FSC certification means the wood used in Woodspin’s manufacturing can be fully traced back from its origin to the final...

Business

Spinnova reports sales decline, announces growth strategy

Spinnova’s 2023 revenue declined to 10,640 thousand euros and operating result for the period was negative 20, 926 thousand euros. For the second half, revenue declined to 1, 820 thousand euros and operating result was negative 9, 931 thousand euros. As part of the new strategy, Spinnova will focus on technology sales and delivering the...

Business

Spinnova and Suzano may open a new production facility

Spinnova Plc and Suzano S.A. have signed a Letter of Intent (LOI) with the goal to develop wood-based Spinnova fibres. For this, the companies may need a new production facility, according to a press release seen by FashionUnited. Spinnova and Suzano have been joint venture partners in Woodspin since 2020. The first production facility for...

Business

Spinnova and Renewcell partner on scaling circular fibre production

Two players in the circular textile field have come together in a bid to commercialise and scale the production of textile waste-based fibre to create consumer products. Sustainable textile material company Spinnova and Swedish textile recycling innovator Renewcell will work together on spinning such fibres into products via a new production...

BusinessFeatured

Spinnova names new CEO, undertakes strategic review

Spinnova revenues grew to 8,820 thousand euros compared to 7,635 thousand euros in the first half of this fiscal. The company’s operating result was negative 10,994 thousand euros versus negative 5,766 thousand euros. “Our revenues increased to EUR 8.8 million from EUR 7.6 million, driven mainly by technology sales. The decline in operating...

People

Spinnova appoints interim CEO

Finnish fibre producer Spinnova has announced that its current chief executive officer Kim Poulsen is stepping down and has appointed Ben Selby as interim CEO. In a statement, Spinnova said that Poulsen left the company on April 21 and that the search for a new permanent CEO will “commence immediately”. In the interim, the fibre maker has...

Business

Spinnova revenues increase but operating loss widens

Spinnova Plc’s revenue grew to 24,279 thousand euros in the first half period, while operating result was negative 12,309 thousand euros compared to negative 7,172 thousand euros in the previous year. For the period between July to December 2022, the company’s revenue grew to 16,644 thousand euros, while operating result for the period was...

Business

Spinnova Plc kicks off three-year programme to sustain CEO engagement with company

Finnish fibre producer Spinnova Plc has launched a programme to sustain the CEO's long-term commitment to the company. This is done by rewarding the CEO with shares for his management work and possibly private shareholding, according to a Spinnova press release. The goal of the programme is to “align CEO and shareholder goals to enhance the...

Business

Bestseller’s Jack & Jones unveils Spinnova designs

Danish fashion house Bestseller has revealed the results of its first collaborative product development with sustainable material company Spinnova. The product is a pair of men’s trousers for Bestseller’s brand Jack & Jones, which is made of 20 percent Spinnova fibre, 20 percent Better Cotton Initiative (BCI) cotton and 60 percent organic...

Business

Spinnova receives grant for fibre development work

Spinnova, a Finnish textile firm, has been selected as the recipient of a 1.6 million euro grant for its research and development work surrounding fibre development. Provided by Business Finland for the time period October 1, 2022, to December 31, 2024, the grant represents 50 percent of the financing for the company’s project, for which its...