Stora Enso has announced the signing of an agreement to divest its Sunila site in Kotka, Finland, to AALTO Development Oy.
The move marks a significant development for the future of the historic site, with AALTO Development aiming to transform it into a hub for sustainable energy technologies.
Financial details of the transaction were not disclosed, but the closing is expected by the end of 2024. Stora Enso will remain a tenant at Sunila, ensuring the continued operation of its Lignode battery material pilot plant.
"We are excited to have AALTO Development as the new owner for Sunila," said Tuomas Hallenberg, Stora Enso's Finland Country Manager and Executive Vice President of Forest Division. "Their commitment to sustainable development and their appreciation for the site's architectural heritage make them a perfect fit."
The Sunila Mill ceased pulp and lignin production in 2023. Since then, Stora Enso has prioritized finding a buyer who could revitalize the site with new businesses, leveraging its existing infrastructure and prime location.
AALTO Development has ambitious plans for Sunila. Their vision includes transforming the site into a hub for cutting-edge sustainable energy solutions, with a significant investment planned for a hydrogen-based solution by Gen-H Oy.
"This is an exciting opportunity for Sunila," said a spokesperson for AALTO Development. "We are committed to creating a sustainable and innovative energy center that will bring new jobs and economic opportunities to the region."
Stora Enso is a key player in the global bioeconomy, providing renewable products and maintaining significant private forest ownership. The company’s shares are listed on Nasdaq Helsinki and Stockholm, as well as OTC Markets in the USA.
AALTO Development Oy specializes in real estate projects that prioritize sustainability and high-quality architecture. Gen-H Oy focuses on developing local energy systems that are emission-free, contributing to Finland’s renewable energy goals.
