With a total number of 49 employees, sustainable textile material company Spinnova Oy, Jyvaskyla/Finland, achieved sales of € 370,000 in the 15t half (H1) of 2021 (H1/2020: € 87,000). Total investment for the period January-June was € 2.95 million (H1/2020: € 2.29 million). In H1/2021, Spinnova started building the first commercial factory for Woodspin, the joint venture owned 50/50 with strategic partner Suzano SA, Salvador/Brazil. The factory is expected to be completed at the end of 2022. A plan was agreed to ensure commercial scaling of Spinnova wood-based fiber. Building of a proof-of-concept production line was also begun for leather waste-based fiber for Respin Oy, Jamsankoski/Finland, the 50/50 joint venture with KT Innovations AG, Hunenberg/Germany. Spinnova will be the exclusive technology provider and will charge a total of € 2.5 million for its services.
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