HELSINKI, Feb. 4, 2020 (Press Release) -Fintoil Ltd will build a crude tall oil refinery in Hamina. Fintoil and Port of HaminaKotka have today signed a lease agreement on a site located in the Hamina oil port area. Neste Engineering Solutions Ltd has been commissioned for engineering and delivery of the biorefinery. Construction of the biorefinery will begin as soon as the company has secured the environmental and building permits, estimated earliest at the end of 2020.
Crude tall oil (CTO) is a by-product of softwood pulp production. The carbon footprint of CTO derivatives is up to 90% lower than that of comparable fossil alternative products. More than 60% of the biorefinery’s output will be directed as feedstock to biodiesel production. The extensive background of Fintoil Ltd’s key persons in the tall oil industry has enabled the company to secure long-term contracts for sufficient raw material and sales volumes.
Chair John Lindahl’s career in the pulp and paper industry spans management of investment projects at e.g. UPM-Kymmene, Madison Paper, Pöyry, Metsä Group and most recently as the Group Technical and Sustainability Director and a member of the Group Executive Committee at Mondi Group. Jukka Ravaska has been appointed as the Managing Director of Fintoil Ltd. Mr Ravaska has an extensive background in the specialty chemicals industry from management and executive positions at e.g. Solvay, Akzo Nobel, Kraton and most recently as Supply Chain Manager at Forchem.
For Taaleri, Fintoil Ltd’s biorefinery represents a significant investment in the Finnish industry and expertise which fosters Taaleri’s growth in impact investing and financing of renewable energy. Taaleri Capital acts as Fintoil Ltd’s financial advisor in the financing of the investment project.
Information on Fintoil Ltd
Established in 2017, Fintoil refines CTO for the 2nd generation biofuel production and the chemicals, food and pharmaceuticals industries. The company’s biorefinery will start up at the Hamina oil port in 2022. Fintoil Ltd’s key persons have decades of commercial and investment experience from the CTO industry. The company is owned by its key personnel and an investor group led by Taaleri.
Taaleri in brief
Taaleri is a Finnish financial services company, whose parent company, Taaleri Plc, is listed on Nasdaq Helsinki main market. The Taaleri Group comprises three business areas: Wealth Management, Financing, and Energy. In addition, the Group makes investments from its own balance sheet.
At the end of June 2019, Taaleri had assets under management totalling EUR 6.6 billion and 5,300 wealth management customers. Taaleri Plc has some 4,300 shareholders. Taaleri’s operations are supervised by the Finnish Financial Supervisory Authority.