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    SPINN   FI4000507595

SPINNOVA OYJ

(SPINN)
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Spinnova Oyj : partnersáwith leading outdoor brand The North Face

08/16/2021 | 02:49am EST

Sustainable textile material company Spinnova and outdoor apparel giant The North Face have entered into a partnership.

Spinnova and global outdoor apparel leader The North Face have signed a development agreement to develop new, sustainable, high-performance textiles for the outdoor apparel category. This starts a journey towards commercializing sustainable products using SPINNOVA® materials and access to the first commercial volumes of SPINNOVA® fibre.

Global textile material demand is increasing at a rapid speed and estimated to be as high as 146 million tons annually by 2030. Outdoor is a segment of the apparel industry with high growth. The announced partnership aims to reduce impacts of the textile industry on the environment and the planet's resources. Through their work together, Spinnova and The North Face aim to provide the outdoor segment with a sustainable alternative to conventional textile materials without compromises in technical quality.

SPINNOVA® fibre is produced without harmful chemicals, with minimal water usage and with minimal CO2 emissions. SPINNOVA® does not contain any microplastics and is 100% circular.

- The North Face is a leader in sustainable outdoor apparel. This is a great opportunity for us to continue pushing the limits of our material together with The North Face. Our goal is to set a new standard for the industry in sustainability and high performance, says Spinnova's CEO and Co-Founder Janne Poranen.

- It's our over-arching goal to build more circular products, constantly develop innovative materials and to further reduce the environmental impacts of our products. Spinnova is the ideal partner on that journey, Global VP, Product Development for The North Face Oliver Lang says.

The North Face is owned by VF Group, which had annual sales of USD 9.2 billion for the financial year ended March 2021. Spinnova anticipates that the agreement with The North Face could be a significant contributor to its market entry, although the today signed agreement is not anticipated to have a material impact on Spinnova's financial performance in 2021-2022.

Spinnova's long term business targets include to reach one million tonnes of annual SPINNOVA® fibre production capacity in the next 10-12 years. In February, Spinnova communicated plans to build its first commercial factory in Finland to meet the growing demand for sustainable materials from global textile brands. The factory producing SPINNOVA® fibre is expected to begin production at the end of 2022, along with Spinnova's strategic partner Suzano, the world's largest cellulose producer.

Janne Poranen
CEO and co-founder
Spinnova
janne.poranen@spinnova.com
+358 400 138 711

Samantha Wannemacher
Senior Communications Manager
The North Face
samantha_wannemacher@vfc.com

Certified advisor

Alexander Corporate Finance Oy
+358 50 520 4098

Spinnova - Sustainable textile materials, naturally
 

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. 

The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste streams.

 

Spinnova has been awarded e.g. by the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.

Spinnova's shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.
 

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com

https://news.cision.com/spinnova/r/spinnova-partners-with-leading-outdoor-brand-the-north-face,c3396664

https://news.cision.com/spinnova/i/unnamed,c2943379

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 11,0 M 12,4 M 12,4 M
Net income 2021 -5,63 M -6,34 M -6,34 M
Net cash 2021 83,3 M 93,7 M 93,7 M
P/E ratio 2021 -61,5x
Yield 2021 -
Capitalization 693 M 781 M 780 M
EV / Sales 2021 55,4x
EV / Sales 2022 20,5x
Nbr of Employees 49
Free-Float 62,7%
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Number of Analysts 1
Last Close Price 13,52 €
Average target price 14,00 €
Spread / Average Target 3,55%
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Managers and Directors
Janne Tapani Poranen Chief Executive Officer
Ben Selby Chief Financial Officer
Timo Juhani Soininen Chairman
Juha Matti Salmela Chief Technology Officer
Petri Poranen Chief Operating Officer