Adidas is investing 3 million euros in Spinnova, a Finnish sustainable textile company that makes textile fibre out of wood or agricultural waste. The company aims to make cellulose-based materials cost-efficient, environmentally friendly and a preferred manufacturing option for brands.
Of Adidas’ investment, Spinnova co-founder and CEO Janne Poranen said in a statement: “We are an ideal match with the ambitious and pioneering Adidas sustainability strategy.”
Since April Spinnova has been ramping up its commercial capabilities, aiming to scale production with its first factory in Jyväskylä, Finland, which is expected to be operation by the end of 2022. In partnership with Suzano, a raw material supplier, partners such as Adidas will have access to its patented fibre in the future.
According to Reuters, “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.”
“Adidas has pledged to shift to using only recycled polyester from 2024 and is also involved in research cooperation with another Finnish start-up, Infinite Fiber, to develop a process that can transform used clothes into a cotton-like material.”
Spinnova says it is the only company in the world able to create textile fibre out of cellulose without involving any harmful chemicals, minimal water use and emissions and zero waste.