Spinnova

In the report, we will be particularly interested in the development of the technology's cost competitiveness and the results of the test runs at the demo facility, which began in the spring.

While a successful offering would strengthen the financial position for commercialization, the timeline and the terms of the offering are still to be determined.

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.