Adidas invests in Spinnova
Adidas is continuing its quest to live green. The German sportswear retailer has invested in Finland’s Spinnova, a company that makes textile fiber out of wood or agricultural waste. The news headlines was reported by Reuters.
Adidas has subscribed to 3.65 million worth of shares in the company’s IPO, bringing Spinnova’s total investment to 58 million euros. Spinnova is focusing on opening its first commercial factory in Finland with wood raw material supplier Suzano.
A 500 million euro sustainability bond Adidas issued last September was five times oversubscribed, with proceeds earmarked for buying renewable energy production and projects to market recycled materials. This isn’t the first Finnish company Adidas has partnered with to go sustainable. Adidas can be dealing with Finnish start-up, Infinite Fiber, to develop a process to transform used clothes into cotton-like material
Adidas has subscribed to 3.65 million worth of shares in the company’s IPO, bringing Spinnova’s total investment to 58 million euros. Spinnova is focusing on opening its first commercial factory in Finland with wood raw material supplier Suzano.
A 500 million euro sustainability bond Adidas issued last September was five times oversubscribed, with proceeds earmarked for buying renewable energy production and projects to market recycled materials. This isn’t the first Finnish company Adidas has partnered with to go sustainable. Adidas can be dealing with Finnish start-up, Infinite Fiber, to develop a process to transform used clothes into cotton-like material
Source: https://fashionunited.uk