Supplement to the release: Inside information: Spinnova and Valmet have signed a Partnership Agreement regarding the delivery of process equipment for Spinnova's customers
SPINNOVA PLC, COMPANY RELEASE, INSIDE INFORMATION 14 AUGUST 2024 at 1:45 p.m. EEST
Supplement to the release:Inside information: Spinnova and Valmet have signed a Partnership Agreement regarding the delivery of process equipment for Spinnova's customers
Spinnova Plc supplements its inside information release published on 12 August 2024 at 3:15 p.m. EEST. The release is supplemented with the following information concerning the Partnership Agreement with Valmet:
Spinnova Plc and Valmet have signed a strategic Partnership Agreement. The partnership agreement is valid for four years, with termination options based on project progress. The realisation of exclusivity fees is dependent on Spinnova's customer projects' realisation and Valmet's deliveries in such projects. The first exclusivity fees are expected in 2025 at the earliest. Spinnova expects to communicate the size and timing of the exclusivity fee in more detail after a binding agreement on a technology delivery is signed.
The original release, including the supplementing information, is below.
SPINNOVA PLC, COMPANY RELEASE, INSIDE INFORMATION 12 AUGUST 2024 at 3:15 p.m. EEST
Inside information: Spinnova and Valmet have signed a Partnership Agreement regarding the delivery of process equipment for Spinnova's customers
Spinnova Plc and Valmet have signed a strategic Partnership Agreement. According to the agreement, Spinnova has appointed Valmet as the exclusive partner to supply process equipment to Spinnova's technology customers. The exclusivity is limited in time and scope and includes an exclusivity fee based on realized project deliveries. Spinnova does not expect this to have a material impact on its 2024 financials.
The partnership agreement is valid for four years, with termination options based on project progress. The realisation of exclusivity fees is dependent on Spinnova's customer projects' realisation and Valmet's deliveries in such projects. The first exclusivity fees are expected in 2025 at the earliest. Spinnova expects to communicate the size and timing of the exclusivity fee in more detail after a binding agreement on a technology delivery is signed.
Valmet has previously supplied drying technology for Woodspin's factory, a joint venture between Spinnova and Suzano. Spinnova and Valmet will continue to work together to increase the competitiveness of fibre production technology by lowering the capital and operational costs of fibre production.
"We are excited to ensure future collaboration with our long-standing partner, Valmet. With Spinnova's innovation and Valmet's capabilities as the leading global supplier of process technologies, services and automation, we can deliver our technology customers the best possible tools to produce our innovative fibre. Working with Valmet will further accelerate our path to reach our technology goals and cost-competitiveness targets, while also opening up a new portfolio of potential technology customers who are already involved in material processing and pulping, says Tuomas Oijala, Spinnova's CEO.
"Valmet aspires to have a strong role in the revolution of the textile industry, and we support our customers' journeys in converting renewable resources into sustainable results. Therefore, we are extremely happy to continue our collaboration with Spinnova, leveraging our expertise and expanding our presence in the textile industry", comments Petri Rasinmäki, Business Line President, Paper Business Line, Valmet.
Spinnova Plc
For further information, please contact:
Tuomas Oijala, CEO
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
Distribution:
Nasdaq Helsinki
Key media
Spinnova - The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood pulp or waste, such as leather, textile or agricultural cropping waste, without harmful dissolving chemicals.
The Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. The Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
Valmet
Valmet has a global customer base across various process industries. We are a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries, and with our automation and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet's net sales in 2023 were approximately EUR 5.5 billion.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Follow us on valmet.com (http://www.valmet.com/) | X (http://www.twitter.com/valmetglobal) | X (IR) (https://twitter.com/ValmetIR) | LinkedIn (https://www.linkedin.com/company/valmet/) | Facebook (https://www.facebook.com/valmetcorporation) | YouTube (https://www.youtube.com/c/Valmet/featured) | Instagram (https://www.instagram.com/valmetglobal) |