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EUR 50 million factory for Spinnova sustainable fibre

Partners to jointly invest EUR 22 million, whilst total investment required is EUR 50 million, as H&M Group joins Spinnova’s partners.

25th February 2021

Knitting Industry
 |  Jyväskylä, Finland

Knitted Outerwear

Material innovation company Spinnova and the world’s largest wood pulp producer Suzano will make an estimated EUR 22 million investment to build the first commercial scale Spinnova production facility in Finland. The total investment, including all needed infrastructure such as real estate, is estimated to be around EUR 50 million. Spinnova’s sustainable fibre, created from of wood and waste without the use of harmful chemicals, will be available for global textile brands in 2022.

The new, industrial scale production unit will be located in Jyväskylä, Finland, home of Spinnova’s R&D hub and pilot facility. Production will be managed and operated by a new joint venture company owned 50/50 by Spinnova and its partner and investor, Suzano.

The joint venture investment is estimated to be EUR 22 million in size. According to Spinnova, the total investment, encompassing all needed infrastructure such as real estate, is around EUR 50 million. The real estate will be built and rented for the joint venture by the Jyväskylä real estate development company Jykia.

“Every leading textile brand is looking for ways to minimise their emissions and ecological footprint, and build a circular material foundation for their products,” says Spinnova’s CEO and co-founder Janne Poranen. “We feel humble and proud that soon we will be able to provide brands our new, disruptively sustainable fibre and fabrics.”

Read the full story on Innovation in Textiles

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