Estonian deep tech company UP Catalyst is planning to produce synthetic battery-grade graphite and carbon nanotubes made from carbon dioxide emissions in Finland. UP Catalyst and energy company Oulun Energia have signed a memorandum of understanding regarding the utilisation of carbon dioxide captured from the flue gases of Oulun Energia’s power plants in Laanila.
UP Catalyst manufactures battery-grade graphite and carbon nanotubes from captured carbon dioxide using molten salt electrolysis technology. The industrial-scale graphite production plant planned for Oulu is scheduled to begin operations in 2031 and would produce approximately 20,000 tons of sustainable battery graphite and carbon nanotubes annually. The project would strengthen local supply chains and reduce Europe’s dependence on imported graphite, which is needed in sectors such as defence, electric mobility, and the green transition.
Finland has emerged as a strategic location for UP Catalyst’s production expansion thanks to its strong industrial base, access to clean energy, and its growing role in the European battery industry value chain.
– Finland offers a very strong foundation for industrial-scale growth: a reliable power grid, competitive zero-emission electricity, strong industrial infrastructure, and clear support for clean transition technologies. This collaboration is an important step in understanding how industrial CO₂ emissions, energy infrastructure, and local partnerships can enable the next generation of critical raw material production in Europe, says Rait Maasikas, CEO of UP Catalyst.
Oulun Energia is one of Finland’s largest energy companies, providing electricity, heat, and various energy solutions to households and businesses. As part of the collaboration, the parties will evaluate opportunities for industrial integration, energy infrastructure, and the utilisation of carbon dioxide captured from Oulun Energia’s power plants for the future industrial-scale production of sustainable carbon-based materials in the Laanila industrial area in Oulu.
– The collaboration with UP Catalyst supports Oulun Energia’s strategy, in which we aim for strong growth through the green transition and seek to recycle materials while strengthening the vitality of Northern Finland. Through this collaboration, we also aim to promote self-sufficiency in critical materials and build a new, sustainable industry in Finland, says Oulun Energia’s Head of New Business Kimmo Alatulkkila.
The goal of the collaboration is to strengthen local battery material production and reduce dependence on imported fossil-based materials.
– The decision to locate UP Catalyst in Finland and begin planning the project is the result of extensive preparation. Finland offers one of Europe’s most competitive environments for the development and commercialisation of sustainable innovations. Recycling emissions into valuable materials and strengthening strategic supply chains is exactly what we need to maintain our competitiveness in the global market while achieving our climate goals, says Markku Kivistö, Head of the Cleantech sector at Invest in Finland, part of Business Finland.
Earlier this year, Business Finland granted UP Catalyst a €47 million tax credit as part of an investment credit scheme aimed at large investments targeting a climate-neutral economy, which supports the company’s planned expansion into Finland.
Contact information:
UP Catalyst
Media and Local Partnership Inquiries
Ekaterina Gujevski, VP of Strategic Growth
ekaterina.gujevski@upcatalyst.com
Commercial Inquiries
Florian Wunsch, CCO
florian.wunsch@upcatalyst.com