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Adidas invests in waste-to-fibre making firm Spinnova

Jun 14, 2021
Adidas invests in waste-to-fibre making firm Spinnova

German sportswear firm Adidas, planning to increase the proportion of sustainable materials in its products, is investing in Finland’s Spinnova, a company that makes textile fibre out of wood or agricultural waste.

According to Spinnova, Adidas has agreed to subscribe for $3.65 million worth of shares in the company's planned initial public offering, bringing the total investment it has secured to approximately $70 million.

Janne Poranen, CEO and co-founder, Spinnova, said that, they are an ideal match with the ambitious and pioneering Adidas sustainability strategy.

Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste. The company said that Adidas wanted to secure access to "significant volumes" of its patented fibre in future.

A $ 605 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.

Source: Reuters

Image Source: Google Images

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