Spinnova, Suzano JV Woodspin increases capital investment budget to €31M from €22M for Jyvaskyla, Finland, factory construction project, to complete by end of 2022; investments to enhance sustainability, R&D capabilities, account for inflation

Sample article from our Bioeconomy

JYVASKYLA, Finland , June 2, 2022 (press release) –

Spinnova Plc: Woodspin increases capital investment budget to enhance sustainability and R&D capabilities and account for cost inflation. Construction schedule on track for completion by end of 2022

Woodspin, the joint venture of Spinnova and its strategic partner, Suzano, has decided to increase the capital investment budget of its factory project under construction in Central Finland. 

The revised capital investment budget amounts to approximately EUR 31 million, which represents an EUR 9 million increase to the initial investment budget made in 2020. Spinnova and Suzano are each making an additional EUR 4.5 million capital investment commitment, raising each JV partner’s commitment from EUR 11 million to EUR 15.5 million.

The approved investments are strategic choices to enhance the overall operational sustainability of production and the factory’s R&D capabilities. The impact of increased cost inflation in construction and technology prices has also been taken into account in the revised budget.

The cost effects of these strategic choices are the main contributors to the additional investment amount. These choices include additional improvements to the plant’s operational sustainability and improvements in R&D and technical capabilities. In addition to the already decided heat pump technology that will be leased, an advanced process heat recovery system is added to the capital investment budget. The plant’s low-emission technology and surplus heat can be utilized to reduce emissions of the local area, resulting in a positive climate impact. Additional technology investments are also being made as part of this investment to optimize the production drying concept for the 50 thousand tonnes plant which is currently at the planning stage.

Technology installations for the Woodspin plant will take place at the end of the summer and construction is on schedule for end of 2022 completion as previously announced.  The planning for the next 50 thousand tonnes plant is ongoing and the previously communicated planned future reductions in technology capital expenditure per tonne are unchanged.

The updated Woodspin budget does not affect Spinnova’s outlook for 2022. The company restates that during 2022, Spinnova’s revenues are expected to grow in comparison to 2021, driven primarily by higher technology sales of the project deliveries to Woodspin and Respin, and that during 2022, whilst Spinnova focuses on investing in growth and production scaling, the company is not expected to be profitable. Spinnova will finance the additional EUR 4.5 million capital investment from existing cash reserves.

Spinnova Plc

For further information, please contact:
Janne Poranen, CEO
Tel. +358 20 703 2430

Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098

Nasdaq Helsinki
Key media

SPINNOVA – Sustainable textile materials, naturally

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.

The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste. SPINNOVA® fibre is produced without harmful or complex chemical processes, and has the touch and feel of natural fibres such as cotton and linen.

Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.

Spinnova’s shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.

SPINNOVA® home: www.spinnova.com
orporate & IR site: www.spinnovagroup.com

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo
Dan Rivard
Dan Rivard
- VP Market Development -

We offer built-to-order bioeconomy coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.