With a total number of 49 employees, sustainable textile material company Spinnova Oy, Jyväskylä/Finland, achieved sales of € 370,000 in the 1st
half (H1) of 2021 (H1/2020: € 87,000). Total investment for the period January-June were € 2.95 million (H1/2020: € 2.29 million).
In H1/2021, Spinnova started building the first commercial factory for Woodspin, the joint venture owned 50/50 with strategic partner Suzano SA, Salvador/Brazil. The factory is expected to be completed at the end of 2022. A plan was agreed to ensure commercial scaling of Spinnova wood-based fiber. Building of a proof-of-concept production line was also begun for leather waste-based fiber for Respin Oy, Jämsänkoski/Finland, the 50/50 joint venture with KT Innovations AG, Hünenberg/Germany. Spinnova will be the exclusive technology provider and will charge a total of € 2.5 million for its services.
In June 2021 Spinnova was listed on the Nasdaq Helsinki First North Growth Market. Furthermore, the company appointed Ben Selby as Chief Financial Officer (CFO) and member of the management team. Former CFO Petri Poranen was appointed Chief Operating Officer (COO). Harri Sundvik and Vinicius Nonino were appointed as Members of the Board of Directors.