NordFuel Oy to Cease Operations

The owners of NordFuel Oy have decided to discontinue the company’s operations.

The next phase of the bioproduct factory project is Front End Engineering Design (FEED). External funding has been actively pursued. However, securing financing for large-scale green transition projects is currently challenging.

Due to challenges with funding, the owners of NordFuel Oy have decided not to fund the FEED phase through the current shareholders. As a result, the company’s operations will be discontinued during the summer of 2026.

“NordFuel Oy has developed the bioproduct factory project with a positive and forward-looking approach, but in this situation the project cannot continue. This decision has been difficult for us and is particularly unfortunate for our dedicated and skilled staff”, says CEO Matti Asikainen.

The owners of the parent company Kanteleen Voima Oy will continue to explore other possible uses for the former peat power plant assets.

For further information, please contact:

Matti Asikainen
CEO
+358 40 5534 926
matti.asikainen@nordfuel.fi