Subject: VEN
Spinnova's Technology for Sustainable Textile Fibres gets 11M Euro Investment for Commercial Scaling
HELSINKI, Oct. 9, 2019 /PRNewswire/ -- With new growth capital of 11 million euros, the sustainable fibre technology company Spinnova is now starting the commercialization phase of the world's most sustainable textile fibre. The company aims to revolutionize the raw material base of the textile industry with its cellulose-based fibre products in collaboration with major textile brands.
Spinnova is a Finnish, sustainable deeptech company that has developed a disruptive technology for manufacturing cellulose-based textile fibres. Spinnova's patented method includes 0% harmful chemicals and 0% waste or side streams, making the fibre and the production the most sustainable in the world.
Spinnova is beginning to plan for its 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.
Spinnova is a Finnish, sustainable fibre company that develops ecological breakthrough technology for manufacturing cellulose-based textile fibre. Spinnova's patented technology includes 0% harmful chemicals and 0% waste or side streams, making the fibre and the production method the most sustainable in the world. Spinnova's raw material commitment is to only use FSC certified wood or waste streams. Spinnova's objective is to globally commercialize the fibre products in collaboration with major textile brands.
Further information:
Spinnova's CEO Janne Poranen, +358-400-138-711 / [email protected]
Head of Comms Emmi Berlin, +358-400-903-260 / [email protected]
www.spinnova.com
Twitter: @SpinnovaLtd
This information was brought to you by Cision http://news.cision.com
SOURCE Spinnova
These press releases may also interest you
|
News published on and distributed by:
