Innvik AS invests 50 million to become CO2 neutral
The textile company Innvik AS has been producing textiles for 130 years, and in a board meeting on December 9, 2020, made a major strategic decision to invest NOK 50 million. The aim of the investment is to realize a CO2-neutral production, increase capacity and strengthen internationalization. In figures, the goal is to reduce CO2 emissions to zero, increase sales to 100 million in 2023 and further to 150 million in 2030.
The project to establish this production line is technologically demanding, and its realization is the result of many years of design work. Among other things, the investment will ensure a scaled and modern yarn dyeing plant that will have greater capacity, lower energy consumption and can run on bioenergy. With this in place, we will start a process of taking over more dyeing from various European dye houses, and ensure local value creation and flexibility in Innvik.
In parallel with the new dye house, a new finishing department will also be phased in to ensure low energy consumption and CO2-neutral production. This renewal will also free up significant space in the core of production, making room for the growth planned in the coming years.
The project is also a natural continuation and intensification of a strong sustainability focus over several years. Energy consumption has already been reduced by 60% and CO2 emissions have been reduced by 750,000 kg over the past four years. The overall result of this means that we believe Innvik AS can take a leading role as a sustainable textile manufacturer.
"It is very gratifying that a planning process that has taken several years has led to a positive decision. On this occasion, we would like to praise our skilled and committed employees for their great efforts, the neighborhood for constructive dialogue and Stryn Municipality for actively participating in the investment in bioenergy. The fact that we can invest in this way confirms that the collaboration with Kvadrat has yielded good results, and is a confirmation of Innvik AS 's position as a manufacturer in the global market for high-quality textiles. It is the employees' strong expertise in textiles, the collaboration with Kvadrat 's global sales organization and this important investment in sustainability that lays the solid foundation for continued growth and development," says CEO Bjørn Aage Haugen.
An important prerequisite in this project was that Stryn Municipality decided in January 2020 to connect the nearby school and care center to the waterborne heating system that Norsk Bioenergi AS, with its local company Stryn Nærvarme AS, has planned to build. With this decision, Innvik AS is also connected to the plant, and Stryn Nærvarme AS can formalize its processes towards development. The solution outlined also forms the basis for a new supply road along the river, so that the municipality can also follow up this input in a new municipal plan.
"For Kvadrat, where we have set high ambitions for our CO2 reduction on a global level, Innvik's early involvement is not only a sign of united forces. Innvik also represents an important sparring and knowledge partner. As a global business, we cannot achieve carbon neutrality without creating close collaboration across the entire value chain. We are thrilled to be working with an innovative and future-oriented partner like Innvik, and we wish them the best of luck with this important milestone," says Mette Bendix, Partner and Director at Kvadrat A/S.
The investments that are now being made have a long horizon and increase the building stock from 4,200 to 5,500 square meters. The overall investments are being carried out with decisive support from Innovation Norway, the bank and the owners. These are powerful investments that will ensure development, competitiveness and jobs for many years to come.
