Translation: Original published in Finnish on 6/17/2026 at 8:11 am EEST.

Spinnova announced yesterday that its long-term partner, NZ TEX GROUP, is joining the company's ecosystem to support the industrial scaling of its fiber. We consider the textile manufacturer's addition to the partner network a small, positive step toward commercialization, as it strengthens the fiber processing chain all the way to finished fabric. However, it is very challenging to assess the impact of the news on the remaining length or difficulty of the commercialization path for the first industrial project.

NZ TEX GROUP brings industrial-scale expertise to fabric manufacturing

NZ TEX GROUP, a Bangladesh-based textile conglomerate specializing in woven fabrics, has been conducting R&D and product development with Spinnova for several years now. As the partnership deepens, NZ TEX GROUP is supporting Spinnova in its transition from development to scalable fabric manufacturing. From a strategic standpoint, it is crucial for Spinnova that the fiber it produces finds industrial-scale processors in the value chain capable of weaving, dyeing, and finishing fabrics from the fiber according to the requirements of international apparel brands. The collaboration focuses in particular on denim fabric, for which Spinnova fiber has proven to be well-suited. The next concrete step is presenting the denim fabrics developed through this collaboration at the Kingpins New York edition in July 2026.

Ecosystem is gradually strengthening, but our focus remains on technology deliveries

We view the cooperation between NZ TEX GROUP and Spinnova positively, as it supports the commercialization path of fiber produced with Spinnova's technology. In our view, the most critical aspect for the company's investment story and value creation remains the technology sales at the core of its strategy, which requires not only building a consortium but also reducing the technology's investment and production costs to a competitive level. Although Spinnova appears to have made progress with its strategy in reducing these costs, the remaining time until a commercial breakthrough (i.e. an investment decision) and the difficulty of overcoming obstacles on the path are still very challenging to assess from outside the company. For now, we are sticking to our estimate that the development work and the completion of partner negotiations are at least a year away, although the margin of error in this estimate is still large.