Spinnova, the Finnish company pioneering eco-friendly cellulose fibers, has named its co-founder Janne Poranen as its new CEO. He replaces Tuomas Oijala, who stepped down in early March.
Poranen, who holds a PhD in Physics, is no stranger to the role. He previously led Spinnova from its inception in 2014 until 2022, later serving as chairman of the board. His return signals a renewed focus on making Spinnova’s fiber production financially sustainable and expanding output to an industrial scale.
Spinnova has been navigating a period of transformation. In March 2024, the company announced a shift toward selling its fiber manufacturing technology to industrial partners rather than focusing solely on in-house production. However, rising production costs presented financial difficulties, resulting in a sharp revenue decline. The company earned just €762,000 in 2024, starkly contrasting the €10 million generated in 2023.
Adding to the complexity, Spinnova’s key partner, Suzano, a major pulp and paper industry player, decided to withdraw from their collaboration. In February 2024, Suzano negotiated exclusive rights to operate the Woodspin factory, a joint venture that had been capable of producing 1,000 tons of fiber per year. However, large-scale production remains an unresolved challenge.
Founded in 2014, Spinnova gained global recognition in 2020 when it collaborated with Bergans of Norway to create sustainable handbags. The company further solidified its reputation by winning the prestigious ANDAM Innovation Prize in 2021. Over the years, Spinnova has partnered with major brands such as Adidas, Puma, The North Face, Marimekko, and Bestseller, showcasing its innovative approach to sustainable textiles.
With Poranen, Spinnova aims to overcome financial hurdles and strengthen its position as a leader in sustainable fiber production. The next phase will determine whether the company can successfully scale up and commercialize its technology in an increasingly competitive market.
