The announcement of a strategic review comes as Spinnova announces the appointment of Tuomas Oijala as CEO and confirms an “expected” drop in half-year profit on the back of “ramping up joint venture operations and increased personnel costs.”

Spinnova H1 in brief (January to June 2023)

  • Revenue grew to €8.8m ($9.56m) versus €7.6m
  • Operating loss of €10.9m compared with a loss of €5.7m
  • Net loss of €10.6m versus a loss of €7.7m

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. Initial tests show that refining these raw materials into micro fibrillated cellulose (MFC) may be more efficient than refining other raw materials Spinnova has worked with. The company has received significant interest from customers wanting to build plants that convert multiple circular raw materials into Spinnova fibre,” it announced today (31 August).

Earlier this month Spinnova announced it had received a research and development (R&D) grant of up to €1.9m ($2.07m) from Business Finland to create fibres from waste.

Spinnova says it will continue to work closely with apparel and other brands to develop its fibre and the range of commercial applications for end consumers, which in turn will drive a larger addressable market for its technology customers.”

The review also considers the rationale for a second Woodspin factory investment as the company continues to develop the technology concept to reduce capital expenditure per tonne of fibre produced compared to the first Woodspin plant.

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In May Spinnova and its strategic partner Suzano, officially opened their first commercial-scale facility producing wood-based spinnova fibre.

Spinnova says it is evaluating whether it will further invest in future Woodspin and Respin plants as per their respective joint venture agreements and based on the value it creates for Spinnova’s shareholders compared to other opportunities to invest in Spinnova’s capital.

“Our current strategy has served us well so far. We have reached the significant milestone of handing over the technology installation for Woodspin’s first plant and now is the right time for us to review our strategy again to prioritise the actions that have the potential to deliver the greatest value for Spinnova’s stakeholders going forward,” says Janne Poranen, chair of the board at Spinnova.

Tuomas Oijala named CEO of Spinnova

As part of the announcements today, Spinnova has appointed Tuomas Oijala as CEO of the company effective 1 January 2024.

Oijala was most recently managing director for elevator and escalator company KONE in Denmark.

Poranen believes Oijala will bring the right kind of competence and experience to the company: “Tuomas has a strong track record of leading international businesses in a competitive global market. He has successfully developed businesses and carried out changes securing profitable growth. His energetic, bold and forward-looking approach is a great fit for Spinnova and important in the company’s growth phase.”

CFO Ben Selby will continue to serve as Spinnova’s interim CEO until Tuomas Oijala starts in the CEO role. Thereafter Selby will continue as deputy CEO and CFO.