Update on Woodspin ramp-up – the development of the raw material production process advances

SPINNOVA PLC, PRESS RELEASE, 30 January 2024, 9:30 a.m. EET

Update on Woodspin ramp-up the development of the raw material production process advances

The ramp-up of Woodspin’s first factory is progressing. As announced in August, the raw material provider Suzano has been working on the eucalyptus-based micro fibrillated cellulose (MFC) raw material specifications, and now, recent tests have been successful.

“We are pleased that Suzano has passed some important milestones related to the MFC raw material development. Spinnova continues to finalize the fibre and textile material development work so that fibre deliveries from Woodspin to customers, made from Suzano MFC, can begin in the coming months,” explains Spinnova’s CEO Tuomas Oijala.

Spinnova and Suzano continue to work together to improve the efficiency of the production process, and the operating expense and capital expenditure usage of both Suzano’s raw material process and Spinnova’s process, so that Woodspin can move to commercial scale production in future plants.

As announced earlier, the production volumes of Woodspin’s first factory are expected to be limited in the short term as the factory is currently primarily being used for testing MFC batches and optimizing the entire production process. The market opportunity and ambition level with Suzano to scale Woodspin’s production capacity with future plants remains unchanged.      

Spinnova Plc

For further information, please contact:
Virva Vesanen, Head of Investor Relations
Tel. +358 20 703 2430

Nasdaq Helsinki
Major media

SPINNOVA – Sustainable textile materials, naturally

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.

The 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 First North Growth Market Finland.

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com