Monday, November 18, 2024
Stora Enso has signed an agreement to divest its real estate at the Sunila site in Kotka, Finland, to AALTO Development Oy, a privately-owned Finnish property development firm with a focus on high-quality architecture and urban planning.
Under the terms of the deal, Stora Enso will continue to occupy the Sunila site as a tenant of AALTO Development. The Lignode battery material pilot plant, which is based at Sunila, will remain operational, as will the Sunila-based demonstration plant engineering study previously announced by CarbonScape.
The financial details of the transaction have not been disclosed, and the deal is expected to close in the fourth quarter of 2024.
Tuomas Hallenberg, Stora Enso’s Finland Country Manager and Executive Vice President of the Forest Division, commented: “We’re pleased to have found AALTO Development as a committed new owner for Sunila, with a strong vision for developing the site further and a deep appreciation for the unique architectural heritage of Alvar Aalto’s design. Furthermore, it is essential for us to have a reliable partner at Sunila as we continue our Lignode pilot plant operations.”
Stora Enso ceased pulp and lignin production at its Sunila mill in 2023, and since then, the company has prioritised finding a new owner who could bring profitable, sustainable business operations to the site, which benefits from well-established infrastructure and a favourable location. AALTO Development plans to transform the Sunila site into a hub for sustainable energy transformation technologies, with significant investments, including a hydrogen-based solution by Gen-H Oy.
About AALTO Development Oy and Gen-H Oy
Founded in 1992, AALTO Development Oy is a Finnish real estate developer committed to creating sustainable and innovative projects. Gen-H Oy, a partner in the development, is an emission-free local energy systems developer operating in both Finland and Spain. Both companies are dedicated to advancing renewable energy solutions and fostering the long-term development of the Sunila site.
About Stora Enso
A global leader in the bioeconomy, Stora Enso is a major provider of renewable products in packaging, biomaterials, and wooden construction, and is one of the world’s largest private forest owners. With approximately 20,000 employees, Stora Enso reported sales of EUR 9.4 billion in 2023. The company’s shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R), as well as traded on OTC Markets in the USA as ADRs and ordinary shares.
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