Correction: Spinnova and adidas unveil their first commercial product
SPINNOVA PLC, COMPANY RELEASE, 11 FEBRUARY, 2022 AT 3.15 p.m. EET
INSIDE INFORMATION
Original release dated 10 February, 2022 was missing a notice that the release contained inside information as well as basic identification information and contact details. Below is a new release replacing the original release.
CORRECTION: SPINNOVA AND ADIDAS UNVEIL THEIR FIRST COMMERCIAL PRODUCT
Spinnova and adidas today introduce the all-new hoodie, TERREX HS1, the first adidas product made with the sustainable SPINNOVA® material. This announcement marks an important milestone in SPINNOVA® materials becoming available for consumers globally.
Eight months after announcing their partnership, Spinnova and adidas have unveiled the first adidas product made with SPINNOVA® fibres. Composed of a minimum of 25% wood-based fibres and organic cotton, the adidas TERREX HS1 is a mid-layer knit for hikers that sees adidas exploring a more sustainable textile solution. Working with the material’s natural colour, the hoodie is made without dyeing or bleaching chemicals.
A limited number of the TERREX HS1 will be made commercially available on adidas.com and in other selected retail outlets with global reach from July, marking a significant milestone in Spinnova’s market entry.
– Spinnova is on a mission to transform the raw material base of the global textile industry by providing radically sustainable and high-performance textile materials. We are very proud of the revolutionary results our teams have accomplished together. Today’s launch is a major milestone on our joint commercial journey, says Spinnova’s CEO and co-founder Janne Poranen.
Spinnova’s first commercial-scale factory is expected to be completed in Finland at the end of this year. Spinnova and its Woodspin joint venture partner Suzano have a scaling target of a million tonnes of global fibre production capacity per annum within the next 10-12 years.
As part of ensuring access to future volumes of SPINNOVA®, adidas became a cornerstone investor in Spinnova’s initial public offering last June.
– Using SPINNOVA® fibres will allow adidas to make high-performance apparel while reducing the CO2 emissions, water consumption and waste usually required to create such products. The TERREX HS1 is a major step on adidas’s journey to create nine out of 10 articles with a sustainable technology, materials, design or manufacturing method by 2025, says Carla Murphy, General Manager of adidas TERREX.
SPINNOVA® is a circular textile fibre made of sustainably sourced wood, without harmful chemicals. It produces 65% less CO2 emissions and uses 99% less water than cotton production and contains zero microplastics.
Although significant in terms of Spinnova’s commercialization, this launch will not have a material impact on Spinnova’s financial performance in 2022, when the majority of revenues are expected to come from technology sales to its joint ventures.
Further information:
Janne Poranen
Chief Executive Officer
Spinnova Plc
janne.poranen@spinnova.com
+358 400 138 711
Certified advisor
Alexander Corporate Finance Oy
+358 50 520 4098
Spinnova – Sustainable textile materials, naturally
Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals.
The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste.
Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.
Spinnova’s shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com