Business Finland has granted Spinnova Plc research and development funding of a maximum of EUR 1.6 million for the period 1.10.2022 – 31.12.2024. The funding is a grant of 50% of the project’s total cost estimate of EUR 3.2 million.
The development project focuses on the further development of Spinnova’s technology and fibre, with the aim of using SPINNOVA® fibre in new application areas and product segments, such as non-woven and composite products. The project includes, for example, the development of a bio-based continuous fibre filament, which enables the use of SPINNOVA® in new types of textile products and composites. In addition, the project is developing a scalable environmentally friendly dyeing technology, in which the raw material of SPINNOVA® fiber is dyed even before the yarn is manufactured. Compared to traditional staining, the method significantly saves water, energy and chemicals. The use of non-toxic natural colours in colouring is also being studied as part of the project.
The funding granted for the project is part of the European Union’s NextGenerationEU funding from the Finnish Bio & Circular Finland sustainable growth programme. Throughout its life cycle, the project must meet the “Do No Significant Harm” DNSH requirements and the environmental and digital criteria presented in the funding application. Business Finland’s funding speeds up and expands the project in a way that improves business expectations and enables taking a greater risk related to content.
“Business Finland’s grant enables us to carry out even more extensive development work on Spinnova’s unique technology and fibre. It is great to see that Spinnova’s opportunities in the global fiber market have been identified and top-level Finnish R&D is financially supported,” comments Kim Poulsen, CEO of Spinnova.
“Spinnova is a great example of how important it is to continuously develop a company – not to be satisfied with the existing, but to constantly look for something new. For Spinnova, the key driver is the development of technology and the resulting sustainable competitive advantage,” says Veli-Pekka Ihanus, Finance Manager at Business Finland.
The grant supports Spinnova’s growth plan. Founded in 2015, Spinnova is entering its global commercialization phase. Spinnova’s joint venture Woodspin’s first commercial-scale plant is expected to be completed in Finland at the end of this year. Spinnova’s goal is to increase the production of sustainable SPINNOVA® fibre to one million tonnes by 2031-2033.