Finnish group to earn millions from early phase of leather waste project
Specialist producer of fibre recycled from leather waste, Spinnova, has revealed that it will earn €2.5 million for its work on the proof-of-concept phase of the idea.
Finland-based Spinnova has been working since 2014 to perfect a technique based on fibre-suspension for producing useable fibres from wood pulp, a by-product from the paper industry. Earlier in 2021, it announced that it was able to use waste from the leather industry too, specifically wet blue shavings, to make fibres that can be spun into yarn and woven into material for shoe uppers and other products.
It has set up a 50-50 leather joint venture, called Respin, with wet blue, crust and split supplier KT Trading.
On releasing its half-year results on September 16, Spinnova said it had started work on building a proof-of-concept production line for Respin.
On announcing the results, co-founder and chief executive, Janne Poranen, said the Finnish company had reached “the most important milestones of its journey so far” in the first half of 2021.
In the six-month period, it announced adidas and H&M Group as brand partners and continued product development initiatives with existing partners, including Ecco.
Mr Poranen also pointed out that adidas had become a cornerstone investor in the business in a successful initial public offering of its shares in June. Around 20,000 investors participated in total and the company raised €115 million to fund future developments.
He confirmed that starting work on a proof-of-concept production line in Finland for leather waste-based fibre was part of this and said Spinnova would charge Respin €2.5 million for its services and technology over the course of the proof-of-concept phase.
