Globally, manufacturing ecosystems are facing the challenge of twin transition, i.e., how to utilize digitalization for improving or transforming the sustainability of manufacturing operations. Here, operations refer widely to the upstream of manufacturing, while the entire product lifecycle also covers the downstream and end-of-life operations. Here, sustainability is understood to consider the impact of the product lifecycle at environmental, social, and governance (ESG) levels. In this article, we explore this progress through the digitalization concept of business-to-business data sharing, and through one example of a manufacturing ecosystem in Finland. We discuss the federated data space concept and the international data spaces (IDS) architecture as technological building blocks of twin transition, and report the first results from an industry−research shared-risk project. Semi-structured interviews and a diary-style reporting from an industry−research IDS proof-of-concept (PoC) experiment are presented and analyzed within a design science research method framework. The findings give the first indications that while data sharing is seen as important and increasing in relevance in industry, it is currently challenging for companies to see how an open standard architecture creates value beyond a single limited ecosystem view. We also highlight possible avenues for further research.