The company has developed a process for producing textile fibre from wood pulp or waste without harmful chemicals or dissolving. Its Spinnova fibre can be blended with other fibres such as chrome shavings and used in applications including clothing and accessories.
Spinnova has recently been preparing to restart production at its Woodspin demonstration factory in Finland, following trial runs earlier this year.
The company has also been pursuing financing to scale its technology. In a separate development, Adidas has committed €3 million as a cornerstone investor in a contemplated IPO on the Nasdaq Helsinki First North Growth Market, with existing cornerstone investors collectively committing €58 million, conditional on Spinnova raising at least €100 million.
The reported U.S. IPO plans therefore represent a potential additional route for Spinnova to access capital as it works towards commercial-scale production.
