The Finnish textile manufacturer Spinnova Plc can look forward to financial support for its current research projects. The state funding organization Business Finland has promised corresponding funds of up to 1.6 million euros, Spinnova announced on Tuesday. The funds come from the NextGenerationEU funding program set up by the European Union and from the Bio & Circular Finland initiative, with which the Finnish state wants to promote “sustainable growth”.
The funding is intended for the period from October 1, 2022 to December 31, 2024 and is to be used for a research project in which Spinnova wants to expand the possible uses of its sustainable fibers and develop a new, environmentally friendly dyeing process, the company said. With the funds that have now been promised, around half of the project’s estimated total costs of 3.2 million euros will be covered.
“With the support of Business Finland, we can continue our extensive development work on Spinnova’s unique technology and fiber,” said CEO Kim Poulsen in a statement. “It’s great to see that Spinnova’s potential in the global fiber markets has been recognized and that top-class Finnish research and development is financially supported.”
The company produces new fibers from wood and recycled waste using processes it has developed itself and has been listed on the stock exchange since summer 2021. In recent years, numerous development and production agreements have been concluded with well-known clothing suppliers such as Adidas, The North Face, Hennes & Mauritz and the Danish textile group Bestseller Group. Spinnova is currently in the process of massively expanding its manufacturing capacity to meet growing commercial demand.