Finnish startup Spinnova receives €1.9M in a grant from Business Finland
Finland-based sustainable material startup Spinnova has received a €1.9 million grant from Business Finland. The funding will help the company to develop the technology that converts materials like wood and waste into textile fibres without the use of harmful chemicals, Arcticstartup reports.
- Founded in 2014 by Janne Poranen and Juha Salmela, Spinnova is a textile manufacturer aiming at sustainability. The company has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals.
- Spinnova’s flagship product is a pilot-scale of Spinnova fibre, a material made from textile and agricultural waste streams. The project’s implementation will open new strategic opportunities for Spinnova to expand its business.
“Business Finland’s grant supports our development work to become even more sustainable and competitive by being able to offer technology that can process multiple circular raw materials into textile fibre,”Juha Salmela, Spinnova’s Chief Technology Officer and co-founder, comments.
- The grant from Business Finland will aid Spinnova’s research and development process for the period 15 April 2023 – 14 April 2025. The grant amount represents 50% of the project’s total cost estimate totalling €3.9 million.