Spinnova receives Business Finland R&D grant for developing SPINNOVA® fibre from new raw materials
SPINNOVA PLC, PRESS RELEASE 14 AUGUST 2023 AT 11 A.M. EEST
Spinnova receives Business Finland R&D grant for developing SPINNOVA® fibre from new raw materials
Spinnova has received a grant of maximum EUR 1.9 million for its research and development (R&D) work from Business Finland for the period 15 April 2023 – 14 April 2025. The grant amount represents 50% of the project’s total cost estimate totalling EUR 3.9 million.
The product development project aims for pilot-scale production of SPINNOVA® fibre from textile and agricultural waste streams. The refining environment to be developed during the project can also be used for the recycling of SPINNOVA® fibre. The project aims to expand Spinnova’s technology offering by adding new refining and fibre recycling components, which could be used by factories producing SPINNOVA® fibre. This will open new strategic opportunities for Spinnova to expand its business. More energy-efficient refining is also expected to improve the competitiveness of the SPINNOVA® fibre.
“Business Finland’s grant supports our development work to become even more sustainable and competitive by being able to offer technology that can process multiple circular raw materials into textile fibre”, says Spinnova’s Chief Technology Officer and co-founder Juha Salmela.
Spinnova Plc
For further information, please contact:
Sophie Jolly
Interim Head of Investor Relations
Distribution:
Nasdaq Helsinki
Major media
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 agricultural 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® fibre is produced without harmful or complex chemical processes and has the touch and feel of natural fibres such as cotton and linen.
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: http://www.spinnovagroup.com