Adidas invests in wood-based textile fiber maker’s IPO

In Finland, adidas has invested €3 million ($3.65 million) in the initial public offering of Spinnova, a company using wood and agricultural waste to make textile fibers. 

Spinnova raised €58 million, and says Adidas has indicated it wants “significant volumes” of the fiber when available. It is building its first facility in Finland with forestry products company Suzano.  

“We are an ideal match with the ambitious and pioneering Adidas sustainability strategy,” Spinnova CEO and co-founder Janne Poranen says. 

Adidas last year issued a €500 million sustainability bond. It has pledged to only use recycled polyester by 2024. 

Spinnova is also building a pilot plant to convert leather waste into fiber.