March 19, 2018

Green Fuel Nordic secures EUR 24 million

Finland is a global leader in the utilisation of wood-based biomass for energy production.
Finland is a global leader in the utilisation of wood-based biomass for energy production.
ISTOCK.COM/ StockFinland

Finnish biorefining company Green Fuel Nordic has received considerable financial backing for its new plant in Eastern Finland.

The 24 million-euro capital boost is made up of a loan for 10 million euros arranged by Osuuspankki, together with the European Investment Bank and Finnvera; a grant of seven million euros from the ELY Centre for Southern Savonia; and a seven million-euro investment from three private investors in Eastern Finland.

According to Invest in Finland, the construction of Green Fuel Nordic’s new biomass plant will now proceed as planned in the town of Lieksa.

The plant will produce second-generation bio-oil from local, renewable and forest-based biomass. This can be used to fuel industrial and municipal electricity and heat production, replacing light and heavy fuel oil.

“The confidence shown by Finnish investors in the Lieksa biorefinery project is also an important signal for foreign investors interested in the opportunities created by Finland’s growing bioeconomy, including the construction of more biorefineries in the future,” says Invest in Finland senior advisor Helvi Väisänen.

 

Good News from Finland and Invest in Finland are part of Business Finland.

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