In June 2021 Spinnova set medium-term business targets to achieve 150,000 tons of production capacity, to be EBIT positive and have up to 20 brand partners. Spinnova will continue to work towards these targets and execute its strategy according to plan in 2022. Its target market is growing, and the demand for sustainable textile materials is very strong. During 2022, whilst Spinnova Oy, Jyväskylä/Finland, focuses on investing in growth and production scaling, the company is not expected to be profitable.
In the 1st half (H1) of 2022, Spinnova’s revenue reached € 7.64 million (H1/2021: €370,000). During this period, the vast majority of the revenue was driven primarily by higher technology sales of the project deliveries to Woodspin and Respin.
The commercialization and scaling strategy is proceeding according to plan. The demand for sustainable fiber continues to increase in the near € 200 billion annual revenue global textile fiber market.
This year the main focus has been building the first commercial factory for Woodspin (50/50 JV between Spinnova and Suzano SA, Salvador/Brazil). The construction and technology deliveries are both on track to be completed by the end of 2022. In order to enhance sustainability and R&D capabilities of the factory as well as to account for cost inflation, Woodspin decided to increase the capital investment budget for Woodspin by € 9 million.
Respin’s (50/50 JV between Spinnova and KT Innovations AG, Hünenberg/Germany) pilot factory has been running successfully during the current year and Spinnova is starting to plan the commercialization phase according to schedule.