Valmet and Spinnova Plc sign a partnership agreement regarding process equipment for textile fibre production

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Aug 16, 2024, 03:16 ET

Valmet Oyj press release, August 16, 2024, at 9:30 a.m. EEST

ESPOO, Finland, Aug. 16, 2024 /PRNewswire/ -- Valmet and Spinnova Plc have signed a strategic partnership agreement where Valmet is appointed as the exclusive partner to supply process equipment for textile fibre production to Spinnova's technology customers. The exclusivity agreement is valid for four years, with termination options based on project progress. The agreement includes an exclusivity fee, which is based on realized project deliveries. Valmet has previously supplied drying technology to Woodspin, a joint venture between Spinnova and Suzano, for its factory producing wood based SPINNOVA^® fibre in Jyväskylä, Finland.

Valmet and Spinnova will continue to work together to increase competitiveness in cellulose and recycled fibre production technology by lowering the capital and operational cost of textile fibre production.

"Valmet aspires to have a strong role in the revolution of the textile industry, and we support our customers' journeys in converting renewable resources into sustainable results. Therefore, we are extremely happy to continue our collaboration with Spinnova, leveraging our expertise and expanding our presence in the textile industry," says Petri Rasinmäki, Business Line President, Paper, Valmet.

"We are excited to ensure future collaboration with our long-standing partner, Valmet. With Spinnova's innovation and Valmet's capabilities as the leading global supplier of process technologies, services, and automation, we can deliver our technology customers the best possible tools to produce our innovative fibre. Working with Valmet will further accelerate our path to reach our technology goals and cost-competitiveness targets while also opening up a new portfolio of potential technology customers who are already involved in material processing and pulping," says Tuomas Oijala, Spinnova's CEO.

Information about Spinnova

Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre from wood pulp or waste, such as leather, textile, or agricultural cropping waste, without harmful dissolving chemicals.

The Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA^® fibre has minimal CO₂ emissions and water use and is biodegradable and recyclable. The Spinnova technology uses a mechanical process that gives the fibre the look and feel of a natural cellulosic fibre, such as cotton.

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

VALMET
Corporate Communications

For further information, please contact:
Petri Rasinmäki, Business Line President, Paper, Valmet, tel. +358 40 042 8422

Valmet has a global customer base across various process industries. We are a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries, and with our automation and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward – every day.

The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet's net sales in 2023 were approximately EUR 5.5 billion.

Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.