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Through this commitment adidas intends to secure access to significant volumes of SPINNOVA® material
Sustainable textile material company Spinnova today announces that adidas has agreed to invest in Spinnova’s contemplated initial public offering. Spinnova has an ongoing joint development collaboration with adidas, which is a significant factor in Spinnova’s commercial scaling.
Upon Spinnova’s recently announced, contemplated initial public offering and listing on the Nasdaq Helsinki First North Growth Market, the global sportswear brand adidas has agreed to become one of the cornerstone investors. adidas has committed to irrevocably, on similar terms and subject to the same customary conditions as existing cornerstones, to subscribe for EUR 3 million in the contemplated offering.
Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and involves minimal CO2 emissions and water use.
– With Spinnova’s scalable technology platform that can make textile fibre out of abundantly available, renewable materials such as wood and agricultural waste, and provide full recyclability and quick biodegradability, we feel we are an ideal match with the ambitious and pioneering adidas sustainability strategy, says Spinnova’s CEO and co-founder Janne Poranen.
Through the today announced commitments, adidas intends to secure access to significant volumes of SPINNOVA® materials in the future. Spinnova is in the process of building its first commercial factory in Finland, with strategic partner and wood raw material supplier Suzano, as well as building a pilot facility for fibre production out of leather waste with ECCO’s sister company KT Trading.
Spinnova recently announced capacity ambitions beyond the first facility, intending to scale up the wood-based fibre production to one million tons by 2031.
Spinnova’s cornerstone investors, certain funds managed by entities owned by Aktia Bank plc, certain funds managed by WIP Asset Management Ltd, certain funds managed by DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, certain funds managed by Pareto Asset Management, certain funds managed by Sp-Fund Management Company Ltd and adidas Ventures B.V., have in total, subject to certain customary conditions, committed to subscribe for shares in the Company amounting to EUR 58 million in the contemplated Offering at a pre-money equity value of up to EUR 275 million and conditional upon that the Company raises gross proceeds of at least EUR 100 million from the Offering.
Full terms, conditions and instructions for the contemplated IPO will be included in the prospectus that will be prepared by Spinnova in connection with the contemplated IPO. Should the Company decide to proceed with the IPO, the prospectus will be published on the Company’s website at www.spinnovagroup.com/ipo.