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Adidas subscribes to €3 millionSpinnova shares

  

To increase the proportion of sustainable materials in its products, German sportswear firm Adidas has agreed to subscribe for €3 million ($3.65 million) worth of shares in Finnish textile recycling firm Spinnova’s planned initial public offering, bringing the total investment it has secured to €58 million.

As per Fashion Network, Spinnova makes makes textile fibre out of wood or agricultural waste. The company 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.Adidas aims to secure access to significant volumes of the company’s patented fibre in future.

The company 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.

 
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