The grant awarded to Spinnova by Business Finland represents 50% of the project’s total cost estimate of EUR3.2m.
The project includes continuous natural filament development, which allows Spinnova to be used in new types of textile products and to explore the composite segment.
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In addition, the project includes the development of scalable environmentally friendly dope-dye technology where the raw material of Spinnova fibre is dyed already before yarn production. Compared to conventional dyeing, the dope-dye method significantly reduces the water, energy and chemicals used. The utilisation of non-toxic natural dyes in textile dyeing is also being explored in the project.
The grant is part of the European Union’s NextGenerationEU financing and Finland’s Bio & Circular Finland sustainable growth program. The project must meet the DNSH (Do No Significant Harm) requirements and environmental and digital criteria presented in the funding application during its whole lifecycle. Business Finland’s financing speeds up and expands the project by improving its business potential and allowing more risk-taking in the project’s content.
”With the Business Finland grant we can continue our extensive development work of Spinnova’s unique technology and fibre. It’s great to see that Spinnova’s potential in the global fibre markets has been recognized and top-level Finnish research and development work is being supported financially,” comments Spinnova’s CEO Kim Poulsen.
“Spinnova is a great example of how a company’s continuous development is important – they never settle for the existing but always develop something new. The sustainable competitive advantage Spinnova has gotten from their technological development has been the driving force for them,” Business Finland’s funding manager Veli-Pekka Ihanus comments.
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By GlobalDataEstablished in 2015, Spinnova is ramping up its global commercialisation phase. The first commercial-scale factory of Spinnova’s joint venture company Woodspin is expected to be completed in Finland at the end of this year. Spinnova aims to scale the production of sustainable fibre to one million tonnes by 2031-2033.
