Finnish textile technology company Spinnova has signed a €1.5 million loan agreement with Tearfil, strengthening its involvement with the Portuguese yarn spinner as it considers a potential acquisition.
The financing follows Spinnova’s September announcement of a non-binding agreement to acquire all shares in Tearfil. The proposed transaction has an initial purchase valuation of €500,000, with the consideration expected to be paid through cash and Spinnova shares. Completion is currently targeted for the first quarter of 2027.
Tearfil, a longstanding Spinnova development partner, is undergoing a court-supervised restructuring process in Portugal. The bridge financing is intended to support its working capital and ongoing operations during the restructuring.
The Spinnova Tearfil acquisition is aimed at bringing yarn development and spinning capabilities closer to Spinnova’s operations. The company expects this could give it greater control over converting SPINNOVA fibre into yarn and textile applications while supporting its commercialisation efforts.
“Tearfil has been an important partner for Spinnova, playing a key role in advancing SPINNOVA® fibre toward commercial applications,” said Janne Poranen, CEO of Spinnova. “Bringing these capabilities into Spinnova would strengthen our ability to support broader adoption of SPINNOVA® fibre and advance the commercial scaling of our technology”.
The Spinnova Tearfil acquisition remains conditional on due diligence, corporate approvals, the completion of Tearfil’s restructuring process and final transaction documentation.
The development comes as Spinnova also moves toward a proposed U.S. listing. The company is seeking a Nasdaq Capital Market listing alongside its existing Nasdaq First North Growth Market Finland listing, with completion currently expected in the fourth quarter of 2026, subject to regulatory and market conditions.
