German sportswear firm Adidas (ADSGn.DE), which is seeking to increase the proportion of sustainable materials it uses in its products, is investing in Finland\u2019s Spinnova, a company that makes textile fibre out of wood or agricultural waste.<\/p>\n
Adidas has agreed to subscribe for 3 million euros ($3.65 million) worth of shares in the company’s planned initial public offering, bringing the total investment it has secured to 58 million euros, Spinnova said in a statement.<\/p>\n
“We are an ideal match with the ambitious and pioneering Adidas sustainability strategy,” Spinnova CEO and co-founder Janne Poranen said.<\/p>\n
Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste.<\/p>\n
It said Adidas wanted to secure access to “significant volumes” of its patented fibre in future.<\/p>\n
A 500 million euro sustainability bond Adidas issued last September was five times oversubscribed, with proceeds earmarked for investing in renewable energy production and projects to promote recycled materials.<\/p>\n
Adidas has pledged to shift to using only recycled polyester from 2024 and is also involved in research cooperation with another Finnish start-up, Infinite Fiber, to develop a process that can transform used clothes into a cotton-like material.<\/p>\n
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