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HERZOGENAURACH - Sportswear giant Adidas is investing €3 million (US$3.65m) in Finnish innovator Spinnova which makes textile fibre out of agricultural waste.

Spinnova confirmed that Adidas has agreed to be a cornerstone investor in return for access to "significant volumes" of its material.

The investment brings the amount of investment secured through the company’s planned initial public offering to a total of €58 million (US$70m).

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