Adidas invests in Spinnova
10 Jun 2021
Adidas is continuing its quest to go green. The German sportswear retailer has invested in Finland’s Spinnova, a company that makes textile fiber out of wood or agricultural waste. The news was reported by Reuters.
Adidas has subscribed to 3.65 million worth of shares in the company’s IPO, bringing Spinnova’s total investment to 58 million euros. Spinnova is working on opening its first commercial factory in Finland with wood raw material supplier Suzano.
A 500 million euro sustainability bond Adidas issued last September was five times oversubscribed, with proceeds earmarked for investing in renewable energy production and projects to promote recycled materials. This isn’t the first Finnish company Adidas has partnered with to go sustainable. Adidas is also working with Finnish start-up, Infinite Fiber, to develop a process to transform used clothes into cotton-like material.