JYVÄSKYLÄ, Finland — March 10, 2021 — Spinnova has appointed Ben Selby as its new CFO effective March 8, 2021. Selby is a senior leader with more than 15 years of finance, investment banking and investor relations experience, and a dealmaker with more than 50 billion euro capital raising experience.
“I’m very excited to join the producer of the world’s most sustainable textile materials at a critical phase of its expansion and commercial scaling,” Selby said. “I look forward to contributing to the further growth and development of Spinnova, as it works to achieve its vision to be the preferred partner for textile brands globally in natural, sustainable textile materials.”
Prior to joining Spinnova, he has held vice president of Investor Relations and Treasury and Head of Investor Relations positions at the Finnish cloud software company Basware (BAS1V at Nasdaq Helsinki) since 2016. Selby’s previous, 10-year career with Bank of America Merrill Lynch included extensive financing and capital raising experience. Selby holds a Master of Arts degree from the University of Cambridge in the United Kingdom.
Spinnova’s current CFO Petri Poranen will take up the COO position to support Spinnova’s ongoing industrial scaling. Spinnova recently announced that it is building a commercial factory for producing its sustainable, wood-based materials, operated by a new joint venture company owned by Spinnova and its partner and investor, Suzano. The total investment will be approximately 50 million euros. The new facility will be built in Jyväskylä, Finland, close to Spinnova’s R&D hub.
“To speed up our further growth and production scaling, we are now actively exploring multiple financing alternatives. It’s great to have Ben on the team, to ensure both professional financing operations, as well as current and future investor relations,” said Spinnova’s CEO and co-founder Janne Poranen.
Spinnova has recruited seven people during this year, and is in the process of recruiting more, as it prepares for scaling its operations. Spinnova currently employs 46 people.
Posted March 10, 2021