Spinnova has a loan from Business Finland

Fiber company Spinnova report Business Finland granted it a product development loan of a maximum of 12.7 million euros for research and development work.

The loan, divided into two phases, is valid from 5 July 2024 to 31 December 2027. The first phase is valid for two years and its loan portion is 7.7 million euros. The loan of the second phase lasts 1.5 years and the amount of the loan is estimated to be 4.9 million euros.

The second phase requires certain technical and commercial criteria.

The loan amount covers half of the project’s total cost estimate, which is a total of 25 million euros including both phases.

According to the release, Spinnova has previously stated that the company does not need additional external funding to achieve its strategic goals.

“This statement remains valid, as the R&D loan is intended for a specific R&D project and does not have a dilutive effect on the shareholders,” the release states.