Spinnova - the world’s most sustainable fibre and factory
Spinnova is a transformative textile innovator and the only company globally that can produce textile fibers from multiple raw materials without any harmful chemicals or dissolving.
Spinnova’s mission is to produce the most sustainable textile materials in the world for the benefit of the environment and humanity. Spinnova is transforming the way textiles are manufactured globally. Spinnova is not just an incremental improvement to existing fibres, but a versatile technology platform for producing sustainable fibre without dissolving or using harmful chemicals. SPINNOVA® is the most natural man-made fibre, and its properties and comfort of use are comparable with natural textile fibres, such as cotton and linen.
Opening their own factory stands out as a crucial milestone in Spinnova's journey towards commercialization. According to Ben Selby, the interim CEO of Spinnova, this facility represents the initial stride in achieving the scale necessary for the most sustainable fiber production, essential for tackling environmental challenges in the industry.
Spinnova have already scored some impressive partnership launches with the world’s most famous brands, adidas, The North Face, and H&M togehter with 20/20 team.
As the lead creative agency of Spinnova, we felt privileged to collaborate and observe the remarkable development of their business and brand throughout the recent years - A significant milestone by opening a state-of-the-art factory in Jyväskylä together with Suzano and Woodspin.
The verge of commercialization
Spinnova´s journey was on the verge of commercialization and positioning as the leading sustainable ingredient brand globally. The brand renewal work played a critical role when the plan was to move towards a more strategical and aggressive scale-up phase.
The starting point for the brand work was to find the visual language for Spinnova’s vision where high tech meets nature. A language that communicates Spinnova as a modern sustainability company and still very close to nature. Spinnova’s brand needed to reflect the business as a modern high-tech brand and position as the leader in sustainable textile materials.
The branding and the opening assets created by 20/20 gained recognition from renowned publications such as Vogue Scandinavia, Monocle and Wallpaper* Magazine.
Spinnova maintained the stellar record of zero side-stream waste
Having set the stage for sustainable innovation earlier, our creative agency proudly highlights a significant milestone with the successful launch of the SPINNOVA® factory. A testament to our ongoing commitment to eco-conscious endeavors, this facility stands as a beacon of zero-emission manufacturing, requiring no environmental permits – a feat achieved through the prior groundbreaking initiatives. The plant operates with impeccable environmental integrity, boasting zero water or air pollution. Notably, Spinnova maintained the stellar record of zero side-stream waste, ensuring that each ingredient seamlessly transforms into SPINNOVA fiber. Building on the earlier triumphs, Spinnnovas circular approach incorporates advanced heat and water recovery, further minimizing resource usage for maximum positive impact. The SPINNOVA fibers themselves continue to be a hallmark of sustainability, being recyclable, chemical-free, and derived from renewable sources. This latest accomplishment is a testament to our agency's enduring dedication to reshaping industry norms, and we celebrate this sustainable success as a continuation of our ongoing legacy.
Results
- Revenue grew to EUR 8 820 thousand (EUR 7 635 thousand).
- Operating result for the period was EUR -10 994 thousand (EUR -5 766 thousand).
- Total investments were EUR 6 047 thousand (EUR 8 115 thousand).
- Net cash was EUR 58 789 thousand (end of 2022: EUR 74 454 thousand).
- The number of permanent employees at the end of the period was 78 (69).
- Successful technology handover of the first factory producing wood-based SPINNOVA® fibre to the joint venture Woodspin.
- Feasibility planning for the next Woodspin factory continued.
- Spinnova entered into a yarn development co-operation agreement with Tearfil.
- CEO Kim Poulsen stepped down as CEO, and CFO Ben Selby was appointed as interim CEO.
- Santeri Heinonen was appointed Chief Human Resources Officer and management team member.
Significant events after the period
- In July, Spinnova received a R&D grant of a maximum EUR 1.9 million from Business Finland for developing SPINNOVA® fibre from new raw materials.