#Yarn & Fiber

2021-04-15

Spinnova appoints seasoned corporate finance expert Harri Sundvik as Board Member

Spinnova has invited Harri Sundvik to join its Board of Directors. Sundvik’s appointment adds valuable international financial markets and corporate finance experience to Spinnova’s already strong Board.

MBA, LL.M Harri Sundvik has had a long international investment banking career, as Managing Director Investment Banking with JP Morgan in London from 1987 to 2006, followed by ten years with Bank of America Merrill Lynch in London as Vice-Chairman of Global Investment Banking. During his career, Sundvik has worked with Nordic companies to introduce them to international capital markets, and advised emerging sustainable technology leaders to tap into international pools of growth capital. In the last couple of years, Sundvik has held various Chairman and board positions, particularly in the technology sector and emerging companies such as Spinnova.

“Spinnova is a very exciting entrant to the global scene of natural sustainable materials. The unique Spinnova technology combined with a highly skilled and ambitious team, joined by world-class strategic partners, serve as a springboard for what can be expected to be an exceptional and truly transformational success on a global scale. I am delighted to join the Spinnova team from the board perspective as the company is ready to take multiple key steps in is development,” says Harri Sundvik.

“Harri is a great addition to the team that supports Spinnova. This year, we are looking to speed up the company’s growth and scaling, which means we are actively exploring multiple, substantial financing alternatives. Here, Harri with his extensive corporate finance background and international network can add a lot of value,” says Spinnova’s CEO and co-founder Janne Poranen.

In February 2021, Spinnova announced its commercial production scaleup and 50/50 joint venture with Suzano, Spinnova’s long-term strategic partner and investor and the world’s largest wood pulp producer. The total investment, encompassing all needed infrastructure such as real estate, is some 50 million euros.?

Spinnova’s materials are being commercialized in close collaboration with leading industry brands such as the H&M Group, Bestseller, Marimekko, and Bergans, to support their sustainability and CO2 reduction targets. Commercial production of SPINNOVA® is estimated to commence by the end of 2022.

In addition to Sundvik, Spinnova’s Board members now include Chairman, Board professional and entrepreneur Timo Soininen, New Business Executive Officer of Suzano Vinicius Nonino, Founding Partner of Maki.vc Ilkka Kivimäki, Vice President, Global R&D of Lenzing AG Gert Kroner, private investor Hanna Liiri, and Spinnova’s Chief Technology Officer and co-founder Juha Salmela.