The Finland-based sustainable textile materials company signed a letter of intent (LOI) to build a new production facility for Spinnova’s wood-based fibre in March 2024, which would be owned and operated by Suzano to produce an initial 20,000 tonnes per year of the cellulose fibre.

It was expected the pre-engineering phase of the new facility would commence in the second half 2024. However, investors have now been informed reaching the targeted process metrics required for the project to move to the pre-engineering