JYVÄSKYLÄ – Finnish textile recycling company Spinnova has announced a strategic review amid widening financial losses. The company’s half-year results show revenues increased to €8.8m from €7.6m in the corresponding period for 2022, however, operating losses widened to almost €11m – up from €5.8m. The results highlight the challenges faced by all novel textile recycling technologies seeking to move from R&D and pilot plant stage to commercialization.
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