Estonian deep-tech firm UP Catalyst and Finnish energy provider Oulun Energia have signed a Letter of Intent to evaluate the use of captured CO₂ emissions for producing battery-grade graphite and carbon nanotubes in Oulu, Finland. UP Catalyst’s proprietary molten salt electrolysis technology will convert emissions from one of Oulun Energia’s facilities into high-value carbon materials. The partners aim to site a new production plant in Oulu Industrial Park, targeting annual output of about 20,000 tonnes by 2031.
Finland was chosen for its reliable energy grid, competitive clean energy supplies, established industrial infrastructure and supportive environment for clean-technology scale-up. The project is expected to bolster European battery materials supply chains, reduce reliance on imported graphite and support defense, electric mobility and broader green-transition initiatives.
“Finland offers a very strong foundation for industrial scale-up, with a reliable energy grid, competitive clean energy, strong industrial infrastructure and clear support for clean-transition technologies,” said Rait Maasikas, CEO of UP Catalyst. “This collaboration is an important step in demonstrating how industrial CO₂ emissions, energy infrastructure and local partnerships can enable next-generation critical raw material production in Europe.”
Oulun Energia, one of Finland’s largest energy companies, will work with UP Catalyst to assess integration opportunities, energy infrastructure requirements and CO₂ capture systems at its plants. “The collaboration with UP Catalyst aligns with our strategy to drive growth through the green transition, recycle materials and strengthen Northern Finland’s vitality,” said Kimmo Alatulkkila, Head of New Business at Oulun Energia. “We also aim to support sovereignty in critical materials and foster new sustainable industries in Finland.”
Both parties intend to explore conditions for establishing UP Catalyst’s first large-scale graphite production facility in Oulu, with construction planned before the end of the decade and operations slated for the early 2030s. Earlier this year, Business Finland granted UP Catalyst a €47 million tax credit under its investment credit scheme for climate-neutral economy projects, supporting the company’s Finnish expansion plans.
Source: UP Catalyst Press Release
