Adidas invests in textile recycling firm Spinnova
Adidas is investing approximately, $ 3.5 million in Spinnova, a Finnish sustainable textile company that makes textile fibre out of wood or agricultural waste.
Germany
Adidas
is investing approximately, $ 3.5 million 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. 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
operational 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.
Janne Poranen,
co-founder and CEO, Spinnova, said in a statement, that they are an ideal match
with the ambitious and pioneering Adidas sustainability strategy.
According
to Reuters, a us $ 589 million sustainability bond, that 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 that it is the only
company in the world able to create textile fibre out of cellulose without
involving any harmful chemicals, minimal water usage and emissions and zero
waste.
(Source: Fashion United)
Image Source: Google Images
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