Finish fiber technology company Spinnova, flush with new growth capital of 11 million euros ($12.11 million), is now starting the commercialization phase of its sustainable textile fiber.
Spinnova recently completed a financing round that ensures it will reach the commercial phase without further financing needs. The funds raised came from Spinnova’s existing investors, family investment offices, private investors, a venture capital investment fund and industrial partners.
The company has developed what it feels is a disruptive technology for manufacturing cellulose-based fibers. Spinnova’s patented method includes no harmful chemicals and zero waste or side streams.
Spinnova is beginning to plan for its commercial phase after passing the most important milestone so far: successfully completing a proof of concept from its pilot factory. The fiber recently passed industrial spinning tests, which was an important step in its journey towards a commercially viable ingredient material.
The pilot line was completed in Finland in December and ramped up over early 2019. Now fully operational, the facility is producing fiber for Spinnova’s brand partners, while the firm scales toward a commercial facility.
Spinnova said there has been significant brand interest in its innovation. As Spinnova and its industrial partners begin to plan for the first commercial facilities, uptake agreements will be available to brands that want to make sure they are early adopters.
Following close collaboration with piloting brands, several demo products will soon be introduced to consumers in the near future.
“We have proven success in both strategic focus areas related to our vision,” Spinnova CEO and co-founder Janne Poranen said. “We work closely with brands in developing our fiber products and will scale the sustainable technology to big volumes with industrial partners.”
Spinnova’s raw material commitment is to only use Forest Stewardship Council certified wood or waste streams. The manufacturing method was originally developed by VTT Technical Research Center of Finland and Spinnova has continued to develop the technique. One of Spinnova’s partners is Austria-based Lenzing AG, one of the world’s largest wood-based fiber manufacturers, with products including Tencel, modal and viscose.