Spinnova Ltd has started long term partnership with Fibria, Brazilian forestry company and the world's leading producer of eucalyptus pulp from planted forests. Through this investment Fibria is Spinnova's new minor shareholder and board member. The partnership with Fibria will help Spinnova grow its business faster and opens up new business opportunities for both companies.
VTT spin-off Spinnova Ltd signed an agreement to partner with Fibria, Brazilian forestry company. Fibria will pay 5 million euros for 18% minority interest in Spinnova.
"Spinnova's partnership with Fibria will help us grow our business faster and significantly enhance our global competitiveness. We value highly this win-win partnership with a lot of strategic level synergies and a shared vision. We have been impressed with Fibria's ability to work with a small technology company when actively looking for new business opportunities", said Spinnova's CEO and founder, Janne Poranen.
"The partnership strengthens Fibria's positioning for the development of new high-value products that go beyond the commodity concept and complement our global leadership in eucalyptus pulp production. The acquisition of an interest in Spinnova strengthens our portfolio of investments in companies with the capacity to offer solutions for problems related to climate change and the low-carbon economy," said Fibria's CEO, Marcelo Castelli.
The agreement signed between Spinnova and Fibria features a joint investment in the development of a pilot production line for testing the feasibility of Spinnova's technologies and production on a pre-commercial scale. If the project reaches the commercial phase, the two companies could create a joint venture for producing and marketing products.