Raw material

Fibria enters the capital of Spinnova for 5 million euros

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The Brazilian company Fibria has recently acquired a minority share in Spinnova, i.e. a Finnish start-up dealing with the development of low-cost technologies for the production of raw materials for the textile sector. These technologies use wood fibres for the production of fibre-based yarns and flake fibres, which can replace cotton, viscose and other non-textile commodities. Fibria accepted to subscribe and pay a set of ordinary shares equal to 18% of Spinnova’s total capital for a total amount of 5 million euros. The minimum pre-requisites for the agreement include the joint investment of Fibria and Spinnova in the development of a pilot production line to confirm the profitability of the technologies developed by Spinnova. The parties plan to set up a joint venture for the product4ion and marketing of the product, if the latter manages to reach its commercial phase.

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