Adidas has agreed to subscribe for €3 million worth of shares in Spinnova’s planned initial public offering (IPO). Spinnova, a Finnish manufacturer of textile fibers derived from wood or agricultural waste, is planning to list on the Nasdaq Helsinki First North Growth Market. The company is building its first factory for commercial production in Finland together with a strategic partner, Suzqno, a supplier of raw wood material that is building a pilot plant for the production of fiber from leather waste. According to Spinnova’s statement, Adidas is aiming at securing access to “significant volumes” of Spinnova’s patented fiber in the future. More broadly, the move is part of Adidas’ strategy to increase the proportion of sustainable materials it uses in its products. Adidas’ investment brings the amount of funds committed by investors for Spinnova’s planned IPO to a total of €58 million. By raising €100 million in gross proceeds through the offering, Spinnova would reach an equity value of up to €275 million.