Adidas Looks to Acquire €3 Million Worth of Shares in Spinnova’s IPO

Renowned sportswear brand Adidas invests in Finland’s Spinnova, a firm that specializes in making textile fiber out of wood or agricultural waste. This move by Adidas was done in an effort to greatly increase the proportion of sustainable materials it uses in its products.

Adidas has set its eyes on acquiring €3 million worth of shares in Spinnova’s planned initial public offering. Adding this investment from Adidas, Spinnova’s secured total investments will amount to approximately €58 million.

Spinnova expressed that Adidas hoped to have guaranteed access to “significant volumes” of its patented fiber in the future.

The firm is already building its first commercial factory and a pilot facility for fiber production out of leather waste. It has also fostered a strategic partnership with Suzano, a raw material supplier of wood.

Adidas has made a commitment to shift into only using recycled polyester by 2024. The sportswear giant also has also begun research cooperations with Infinite Fiber, another Finnish start-up, with the goal of developing a process that can transform used clothes into a cotton-like material.

Source: Reuters