Press releases

Significant regional funder for biorefinery project


Olvi Foundation has decided to join in the funding of Green Fuel Nordic’s biorefinery project. According to CEO Timo Saarelainen, Olvi Foundation will be one of the most significant capital investors in the biorefinery project. 

”We are excited to be a part of implementing the new project that will bring prosperity and jobs to the region,” says Olvi Foundation’s Chairman of the Board Paavo Jauhiainen.

Olvi Foundation’s professional preparation of matters and quick decision-making ensures progression of the project according to the planned timetable.

Green Fuel Nordic Oy’s CEO Timo Saarelainen and Chairman of the Board Vesa Kainulainen are very pleased with Olvi Foundation’s recent decision to participate in the funding of the biorefinery project. The investment commitment of a local, major capital investor in the funding of the project is a signal to all the other players of the strong intent to invest in the future of the region.

According to Saarelainen, other funding-related decisions will be communicated after the turn of the year.

Established position as a frontrunner in the sector

During the year, Green Fuel Nordic has worked with determination to make the different players in society more aware of bio-oil, its production and applications, and the economic and environmental benefits.

”Our work has been successful; we have now established our position as a significant expert and player in the sector. We are influencing Finland’s future bio-economy strategy,” says Saarelainen.

The practical aspects of Green Fuel Nordic’s biorefinery project have progressed according to plans this year. A significant milestone was achieved in November when the Environmental Impact Assessment for the biorefineries was approved.

”We will now continue with the next planning phase for the biorefineries; this phase will include, e.g., strengthening the project organization, recruiting key people, and other permit processes. We are currently experiencing a great industrial revolution, and our journey to the future bio-economy society will continue to be at least as interesting as it has been so far,” says Saarelainen.

Additional information:

Green Fuel Nordic Oy

Timo Saarelainen, CEO
tel. +358 40 7076640

Vesa Kainulainen, Chairman of the Board
tel. +358 40 966 9000

Olvi Foundation

Paavo Jauhiainen, Chairman of the Board
tel. +358 44 554 8420


Green Fuel Nordic Oy is a Finnish biorefining company. The company’s business idea is to utilize commercially proven RTP™ technology for the production of second-generation bio-oil from local, renewable, forest-based biomass. The off-take is a liquid, low-carbon and sulfur-free bio-oil that can directly replace light and heavy fuel oil in renewable energy applications. In the upcoming years, Green Fuel Nordic Oy aims to build several biorefineries in Finland. The company, established in October 2011, is headquartered in Kuopio,

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