In 2022, Spinnova saw sales increase to €24.3 million (2021: €6.1 million). Total investments were around €16.3 million (2021: €4.4 million). The increase was mainly related to the Woodspin joint venture (JV). Besides building the first commercial factory for Woodspin, a 50/50 JV between Spinnova and Suzano, feasibility planning for Woodspin’s second factory has been ongoing.
The construction work for Woodspin’s first factory in central Finland was completed at the end of October 2022, after which work to finalize the technology installations has continued. The factory has started up and has been producing fibers since February 2023. The ramp-up will continue through 2023, gradually increasing production capacity. Textile development work by Spinnova Oy, Jyväskylä/Finland, continues, with plans to launch the first products using micro-fibrillated cellulose (MFC) from Suzano SA, Salvador/Brazil, as raw material.
Feasibility planning for the next plant progressed well during 2022. Both optimal size and comparison of brownfield and greenfield sites are under evaluation. Spinnova is actively working with Suzano to improve the efficiency of the raw material process. At the same time Spinnova continues to further develop the technology concept of the spinning process. The business case for the next Woodspin factory investment is being finalized and will use the learnings from the first factory as it ramps up production. It is therefore expected that the next Woodspin plant will be completed after 2024.
At the end of 2022 the Respin pilot line built by Spinnova (a JV with KT Innovations AG, Hünenberg/Germany) produced fiber from leather waste raw material. Following the success of the pilot trials, Spinnova and shoe and leather goods producer Ecco GmbH, Hamburg/Germany, have agreed to proceed towards commercializing the product and to go ahead with a feasibility study and pre-engineering of the first commercial factory, which is planned to be located in the Netherlands.
Spinnova will continue to work towards its long and medium-term business targets and execute its strategy accordingly in 2023. In 2023, revenues are estimated to be lower than in 2022, impacted by expected phasing of technology sales fees. The loss will increase during 2023 as the company is ramping up operations.