Spinnova news and archive

Suzano stops financing Woodspin, remains shareholder of Spinnova

Suzano, the Brazilian cellulose producer and investor of Spinnova's Woodspin plant that produces wood-based fibres, will not invest further in the next phase of its cooperation with the Finnish textile innovator and will temporarily stop financing the plant. Both companies are starting a strategic review of Woodspin and will renegotiate the...

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Thanks to cost-cutting measures: Spinnova significantly reduces annual loss

Finnish textile technology company Spinnova Plc significantly reduced its losses in fiscal year 2024. The company, which specializes in sustainable fiber production processes, benefited from a strategic shift in its business model and comprehensive cost-cutting measures. According to the annual report published on Thursday, the operating loss,...

Fashion

Puma and textile innovator Spinnova join forces

Sports brand Puma and textile innovator Spinnova have entered into a partnership. It is a multi-year collaboration in which Puma promises to purchase materials from Spinnova. This enables Spinnova to keep the production of the materials stable. Puma will purchase Spinnova's wood fiber material and use it in future collections. This mainly...

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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...

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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...

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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...

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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...

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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...

BusinessPress Release

Spinnova calls for incentives and investments into circular fashion at COP28

Sustainable textile material company Spinnova emphasises that the run up to COP28 is no time to back down on climate action in the global fashion and textile industries. The fashion and apparel industry is one of the most polluting industries in the world, accounting for 4% of global emissions and known for various sustainability challenges from...

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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...

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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...