Finnish sustainable fibre producer Spinnova has announced a strategic review aimed at generating positive cash flow generation in a smaller timeframe as it looks to create the most value for its stakeholders.
A strategy assessment is announced at the same time that Spinnova names Tuomas Oijala as CEO and reports a “expected” decline in half-year profit due to “ramping up joint venture operations and increased personnel costs.”
As part of its strategic review Spinnova is considering the expansion of the licensing of its technology to new customers.
“Spinnova’s unique sustainable technology is a key differentiator. In the future, Spinnova sees great potential in developing circular raw materials such as textile waste and agricultural waste, as well as recycled Spinnova fibre,” it announced.
Spinnova revealed earlier this month that Business Finland had awarded it a research and development (R&D) funding for up to €1.9 million ($2.07 million) to make garbage into fibres.
According to Spinnova, it will keep collaborating closely with apparel and other companies to expand the breadth of commercial uses for its fibre and, in turn, the addressable market for its technology clients.
As the business continues to expand the technology idea to lower capital expenditure per tonne of fibre produced compared to the first Woodspin facility, the evaluation also takes into account the justification for an investment in a second Woodspin factory.
As part of the announcements, Spinnova has appointed Tuomas Oijala as CEO of the company effective 1st January 2024. Oijala was most recently managing director for elevator and escalator company KONE in Denmark.
