Finland’s Q1 2026 business snapshot: Global investment and industrial scale take shape

Early 2026 showed continued industrial momentum as long-term investments in clean energy, advanced manufacturing, and digital infrastructure translated into new projects and export growth. Finland’s economy remains closely integrated into European and transatlantic value chains, with industrial output increasingly shaped by international demand.

Clean energy driving digital infrastructure

Energy transition investments remained strong, supported by abundant low-carbon electricity, a resilient national grid and stable regulation. With wind capacity nearing 10,000 MW and large-scale solar and battery projects expanding, the country has emerged as an attractive location for foreign industrial and infrastructure capital within the EU.

Hydrogen moved from policy ambition to execution as €270 million in tax credits were granted to new projects, lifting total clean-transition support to nearly €2.3 billion. Cooperation with Germany also deepened, with closer alignment between Finnish hydrogen production and German industrial demand, increasingly framing Finland as a future net exporter of hydrogen and hydrogen‑based fuels into Central European markets.

The government continued its tax support for clean transition investments, with the economic policy committee outlining the conditions for its extension in January. The scheme will remain in force until the end of 2027, applying to projects with a minimum investment of €50 million. Tax support will continue at up to 20 percent of eligible investment costs, with a cap of €150 million per company.

Against this backdrop, ETFuels Finland, a developer of e-fuels and green methanol for maritime and industrial use, advanced plans for a plant in northern Lapland. Plug Power Finland, the local unit of US-based hydrogen technology company Plug Power, is developing two projects, linking Finnish production to international shipping lanes and downstream industrial customers.

Scaling critical industrial capacity

In eastern Finland, Nebius, an AI‑infrastructure company specializing in large GPU‑intensive data centers, announced plans for one of Europe’s largest AI‑focused facilities, with a planned capacity of 310 MW and a multi‑billion‑euro investment. Data center projects now in the pipeline will generate more than 50,000 jobs by 2030 and draw some €12 billion in investment, positioning digital infrastructure as a key export‑enabling sector.

In February 2026, the Keliber lithium mine in western Finland marked a European milestone by becoming the first producer of battery-grade lithium in Europe. The project supports the expansion of electric mobility and energy storage industries, reduces dependence on imported lithium and increases strategic importance within global battery supply chains.

Downstream investment is also progressing. During the quarter, the Finnish Safety and Chemicals Agency (Tukes) granted a chemical safety permit for the Easpring Finland New Materials Ltd. battery material factory in Kotka, following an earlier environmental permit from the Regional State Administrative Agency. The facility will produce powdered cathode active material, a critical input for battery manufacturing, further anchoring advanced battery materials processing within Europe.

In the north, Outokumpu, a global leader in sustainable stainless steel, is developing a new process to produce pure chromium from the EU’s only chromium mine in Kemi. Pure chromium is critical for aerospace, defense and high-tech industries, and Europe currently lacks a dedicated supply chain for the substance.

At Ovako’s Imatra plant in eastern Finland, record‑low CO₂ emissions in steel production were achieved in 2025, reaching 231 kg CO₂ per ton – nearly 90% below the global industry average. The result reflects high use of recycled raw materials and production planning optimized for variable output, supporting low‑emission steel exports.

The Finnish maritime industry gained renewed strategic importance. In Rauma, western Finland, construction began on multiple icebreakers for the US. At the same time, Wärtsilä, a technology group specializing in marine and energy systems, delivered its first ammonia engine for a new cargo vessel, advancing zero-carbon shipping.

Security, health and tourism signal confidence

Secure communications and digital defense emerged as a clear growth sector. Finnish firms reported strong revenue growth, and Bittium, a provider of secure communication solutions for defense and critical infrastructure, signed an agreement with NATO’s Communications and Information Agency. The agreement strengthens export opportunities across allied and partner markets.

Connectivity remains a national priority. Oulu, a long-established Nordic technology hub near the Arctic Circle, plays a central role in 5G and 6G development. Nokia, VTT (Finland’s national research and technology organization), and the University of Oulu continued testing next-generation networks. This work contributes to international standard-setting and strengthens Finland’s influence in future global telecommunications architectures.

Health technology remained one of Finland’s strongest export sectors. Health tech exports reached €2.79 billion in 2025, with continued momentum in early 2026. Companies such as Nexstim and Optomed, both developers of advanced medical-technology solutions, received key approvals from the US Food and Drug Administration (FDA) and European regulators. 

Tourism continued its recovery, with 23.1 million overnight stays recorded in 2025. Growth is driven especially by Lapland, where year-round tourism investments focus on nature, wellness and Arctic experiences, complemented by new hotel developments in southern cities. International visitor growth, particularly from North America and Asia, reinforces tourism’s role as an export sector tied to Finland’s global brand.

Finland as a platform for global investment

Overall, Finland’s Q1 2026 developments highlight how clean energy, secure digital infrastructure and advanced manufacturing reinforce each other in a small but highly integrated economy. Crucially, foreign investment is increasingly shaping these developments.

For international companies, Finland offers a stable base for industrial-scale investment, trusted data-driven innovation and secure operations at the northern edge of Europe, combining regulatory predictability with access to clean energy, skilled talent and global markets.