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Adidas invests in textile recycling firm Spinnova

Jul 09, 2021
Adidas invests in textile recycling firm Spinnova

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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