Stora Enso Sells Sunila Site to AALTO Development, Paving Way for Sustainable Energy Innovation Hub

Stora Enso Sells Sunila Site to AALTO Development, Paving Way for Sustainable Energy Innovation Hub

(IN BRIEF) Stora Enso has sold the real estate of its Sunila site in Kotka, Finland, to AALTO Development Oy, a Finnish company known for its focus on quality architecture and urban planning. Stora Enso will remain as a tenant, continuing operations at its Lignode battery material pilot plant. The transaction, set to close by Q4 2024, aligns with Stora Enso’s aim to attract sustainable business to the Sunila site, which has strong infrastructure and a valuable location. AALTO Development plans to develop Sunila into a hub for sustainable energy technology, including investments in hydrogen solutions by Gen-H Oy.

(PRESS RELEASE) HELSINKI, 8-Nov-2024 — /EuropaWire/ — Stora Enso has finalized an agreement to sell its Sunila site real estate in Kotka, Finland, to AALTO Development Oy, a Finnish property development company known for its emphasis on high-quality architecture and urban planning. Stora Enso will remain as a tenant at Sunila, where it will continue operating its Lignode battery material pilot plant, and the previously announced engineering study by CarbonScape at Sunila will proceed unaffected by the sale.

Although the transaction price has not been disclosed, the transfer is set to complete by Q4 2024. Stora Enso’s Country Manager for Finland, Tuomas Hallenberg, expressed satisfaction with AALTO Development’s commitment to preserving the site’s architectural heritage, designed by Alvar Aalto, and noted the importance of a reliable partnership as Stora Enso continues its pilot plant operations.

Following the discontinuation of pulp and lignin production at the Sunila Mill in 2023, Stora Enso prioritized finding a new owner capable of bringing economic growth and job opportunities to the well-positioned site. AALTO Development aims to transform Sunila into a center for sustainable energy innovation, including substantial investments in a hydrogen solution by Gen-H Oy.

About AALTO Development Oy and Gen-H Oy

Founded in 1992, AALTO Development Oy is a Finnish real estate developer focused on creating sustainable and innovative projects. Gen-H Oy is an emission-free, local energy systems developer, operating in Finland and Spain. Both companies are committed to advancing renewable energy solutions and fostering Sunila’s development.

Stora Enso
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. Stora Enso has approximately 20,000 employees and our sales in 2023 were EUR 9.4 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors

Media Contact:

Carl Norell
SVP Corporate Communications
tel. +46 72 241 0349

SOURCE: STORA ENSO OYJ