Biorefinery Östrand agreed to a grant of 167M€ from Innovation Fund

Spinverse is proud to have contributed to a successful funding decision for Biorefinery Östrand from the EU’s Innovation Fund. Biorefinery Östrand, a company jointly owned by Swedish SCA and Finnish energy company St1, signed an agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA) in mid-December 2023.

The agreement entitles the company to an innovation grant of approximately 167M€ in the event of a future investment decision for a project that will produce bio and RFNBO fuels from forestry residues and renewable electricity. The premise on which the grant award was issued is that any future production of sustainable jet fuel and biofuel through the project creates a climate benefit of almost nine million tonnes of carbon dioxide equivalents in the first ten years.

 Spinverse experts aided the project in preparing a proposal for an EU Innovation Fund grant

The significance of this project's sustainable impact is underscored by successfully securing 167M€ in public funding from the large-scale Innovation Fund. This not only highlights the technological prowess of the project plan, but also its alignment with EU objectives and the broader vision of a sustainable future. Spinverse experts, namely Magnus Andersson, Ulrika Walhström and Jonas Norrman from Spinverse Sweden, and Jani Peurakoski from Spinverse Finland, were part of the funding application preparation, collaborating with Granitor Aenigma.

Once the initial research studies provided by Spinverse ensured the project idea to be eligible for Innovation Fund funding, the expert team from Spinverse started working closely with Project Manager Therese Nylander and the rest of the core team from Biorefinery Östrand on the proposal writing process. According to Therese, planning for such an ambitious project was a long process with a steep learning curve for everyone involved. She says: “The knowledge Spinverse experts contributed to the innovation section was of great help, as well as their resourcefulness in quickly providing additional guidance to parts of the financial sections. It really helped us present our innovation in a compelling and dynamic way, and find gaps that were missing.” 

Principal Consultant Magnus Andersson from Spinverse adds: “It has been such a privilege to be a part of this project together with our partner Granitor Aenigma. We are very much looking forward to seeing the Biorefinery Östrand project evolve and make a difference in the aviation industry and beyond.”

More information:

News on St1 website

News on SCA website

Main photo: Bio Östrand

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