Spinnova

We have not made any material changes to our forecasts, even though Spinnova appears to have advanced its strategy both in terms of assembling a cooperation consortium around the technology and verifying the reduction in the technology's production and investment costs.

We consider the textile manufacturer's addition to the partner network a small, positive step toward commercialization.

If the test runs are successful, continuous production at the demo plant will be possible from the end of 2026, although the main purpose of the test runs is to demonstrate the improved cost-efficiency of the production technology.

Sulzer's expertise accelerates industrialization, but we estimate that a commercial breakthrough is still at least a year away.

The new partnership strengthens Spinnova's raw material base for textile waste-based solutions.

Spinnova appears to have made significant progress in the second half of the year in reducing the production and investment costs of its technology.

At first glance, the company appears to have made progress in reducing the production and investment costs of its technology, but the remaining time until a commercial breakthrough is very difficult to estimate, even in light of new information.