Finland-based Spinnova reports it has secured financing totaling 7.5 million euros ($8.7 million) from OP Bank and public funding agency Business Finland to help ramp up production at its sustainable textile fiber pilot facility.
In related company news, VTT Ventures, an early investor in the company, has given up its ownership share according to an exit strategy. VTT was replaced by two new investors — venture capital firm Maki.vc and Beata Domus. Spinnova’s majority shareholder remains Brazil-based Fibria.
“Thanks to our financers, starting the pilot factory and the product development work are moving full speed ahead,” said Janne Poranen, CEO, Spinnova. “Licensing the technology now being developed in Finland is our most likely future business model, so piloting the technology concept on an industrial scale is now our main priority.”