Quatum plans hundreds of millions for Akaa bio-refinery

Quatum Oy is planning a bio-refinery in Akaa that would produce bioethanol for use in renewable aviation fuel, Yle reported. The project’s total investment would amount to hundreds of millions of euros if it goes ahead.

Akaa’s city executive board on Tuesday approved a preliminary agreement for the sale of a roughly 40.7-hectare plot for the project. The plant would make bioethanol from woody biomass and supply it to factories in Europe as a raw material for renewable aviation fuel.

Quatum chief executive Miko Pironetti said the precise cost was not yet available. The first phase would require an investment of hundreds of millions of euros, with costs rising further if the plant is expanded. Financing would likely combine equity, loans and possibly public support. The equity is expected to come from abroad. Pironetti and businessman Jorma Kettunen own the company, which was founded in 2022. Pironetti said its core team has more than 10 years of experience with renewable fuel projects.

The company’s preliminary schedule calls for a final investment decision in early 2029 and commercial operations to begin in late 2031. If built, the plant would create about 100 permanent jobs, with hundreds of workers expected during the busiest stages of construction. It would need a few hundred thousand tonnes of woody biomass each year, sourced from several suppliers across Finland.

Pironetti said the project’s environmental effects would not be significant. The company plans to make use of process by-products and treat wastewater at an on-site neutralisation plant. He identified the broader economic situation and access to financing as the project’s main risks.

Akaa was selected for its suitably large zoned plot, access to electricity and water, and transport links. The city’s willingness to promote the project also influenced the decision. Jaakko Hautamäki, an expert in the city’s location and investment services, said the project would be very significant for Akaa’s vitality. The final property sale depends on completion of technical, financial and environmental assessments, as well as official permits.