The scale of the Oulu and Tornio projects is considerable: EUR1.4 billion in investment per site and up to 250 direct jobs respectively. Each standardized facility will produce 81,000 tons of electrofuel-based SAF (eSAF) annually, using hydrogen generated from water and renewable electricity, combined with biogenic CO₂ captured from Finnish pulp and paper mills. 

Biogenic CO₂ refers to carbon dioxide released from burning biomass, such as wood or plants, that previously absorbed CO₂ from the atmosphere during its growth. Because it forms part of the natural carbon cycle, it is considered climate-neutral.

While EU regulations will gradually phase out the use of fossil-sourced CO₂ for e-fuel production, ultimately requiring biogenic CO₂ or direct air capture (DAC) CO₂ after 2041 (with CO₂ from power stations counting as zero emissions only until 2036), Verso Energy is aligning with these stricter standards from the outset.

Why Finland

For Victor Lévy-Frébault, Verso Energy’s Head of Development, the answer is simple. “You need three things to produce eSAF: Biogenic CO₂, renewable or low-carbon electricity, and abundant water. Very few countries can offer all three, but Finland is one of them.”

Lévy-Frébault points to Finland’s unique combination of industrial heritage and clean energy infrastructure. “In France, wherever you want to build, there’s a house in front of you. But in Finland, you have space. You have fewer people, fewer houses, so it’s easier to develop industrial projects,” he explains.

“You need biogenic CO₂, renewable energy, and water to produce e-fuels – very few countries offer all three, but Finland does. That’s why we’re here.” – Victor Lévy-Frébault

Beyond physical space, Finland also provides the right ecosystem for e-fuel innovation. The country’s vast forests feed a thriving pulp and paper sector, producing reliable streams of biogenic CO₂, a crucial input for SAF.

Finland’s electricity grid is expanding to accommodate a surge in renewable energy generation, especially wind power. To balance the inherent variability of wind and solar, where sudden shifts in weather can cause sharp fluctuations in supply, the country also relies on nuclear energy to provide a stable, baseload source of power. This combination helps ensure grid reliability and enables energy-intensive processes, like e-fuel production, to operate consistently year-round.

Juha Peltomäki, Head of Industry, Bio & Circular Economy at Invest in Finland, echoes the sentiment. “Finland already possesses every element necessary for e-fuel production: affordable, renewable electricity; CO₂ from forest industry side streams; abundant water; ample land; and a deep talent pool with process-industry know-how. It’s all here.”

How Business Finland helped make it happen

“From the very beginning, Invest in Finland team and its regional partners were incredibly hands-on,” says Lévy-Frébault. “Juha Peltomäki personally drove us to each of the four candidate sites and facilitated strategic introductions to critical stakeholders, such as national transmission operator Fingrid, pulp mills like Stora Enso and Metsä, and regional energy leaders such as Fortum.”

This support model helped Verso Energy navigate technical questions about power, logistics, and municipal permitting, as well as local acceptance, which Lévy-Frébault stresses is essential for such projects. “You cannot build a plant like this if people don’t want it. Business Finland helped us understand where industry is welcome and supported us in earning community trust.”

"The investment shows that Finland is genuinely competitive country for international investors in the clean transition." – Juha Peltomäki

Peltomäki attributes the smooth collaboration to Finland’s integrated ecosystem of national and regional agencies. “From the first contact, clients get what they need, such as site inventories, workforce data, grid and water access info. There’s no runaround. Everyone works together.”

While Verso Energy’s two confirmed projects represent a major milestone, they’re far from an outlier. According to Peltomäki, at least ten more e-fuel and SAF announcements are expected in Finland in the near future.

For Lévy-Frébault, the message is clear: “Finland is supportive and organized for investment. Everything is designed to help you succeed.”