Tesi joins Norsk e-Fuel’s shareholder group

Norsk e-Fuel announced that the state-owned Finnish Industry Investment (Tesi) has joined shareholder group to support the scale-up of SAF production across Northern Europe.

“Welcoming Tesi as a shareholder marks another important milestone in our growth strategy and specifically our expansion into Finland, which we initiated last year,” said Lars Bjørn Larsen, managing director at Norsk e-Fuel.

By acting as a local anchor investor, Norsk said that Tesi will help attract private capital and provides credibility to projects in the eyes of international investors.

Tesi makes its initial investment in the company as part of the funding round led by Prime Capital earlier this year, joining prominent co-investors including, among others, Paul Wurth (SMS group), Norwegian, and Sunfire.

By 2032, Norsk e-Fuel is planning to commission at least three plants capable of producing over 200,000 tons of synthetic fuel annually.

“Under its new investment strategy, Tesi can also invest in new industrial-scale projects to help establish new industry in Finland that utilizes clean electricity and supports the energy transition,” said Esa Koponen, investment director at Tesi. “The Norsk e-Fuel project in Rauma, which promotes the sustainability of air travel and Finland’s energy security, is an excellent example of an investment aligned with our new strategy.”

With this partnership, Norsk e-Fuel strengthens its investor base, creating a powerful coalition to advance the commercial deployment of e-Fuels in the Nordics and Europe.