UP Catalyst produces battery-grade graphite and carbon nanotubes from captured CO₂ emissions using CO₂ molten salt electrolysis technology. New facility, targeted to become operational in 2031, would support the production of approximately 20,000 tonnes of sustainable battery-grade graphite and carbon nanotubes annually. The project would help strengthen local supply chains and reduce Europe’s dependence on imported graphite, which is needed for defence, e-mobility, and the green transition.

Finland has emerged as a strategic location for UP Catalyst’s scale-up due to its strong industrial base, availability of competitive clean energy, and growing importance within the European battery value chain.

“Finland offers a very strong foundation for industrial scale-up, with a reliable energy grid, competitive clean energy, strong industrial infrastructure, and clear support for clean transition technologies. This collaboration is an important step in understanding how industrial CO₂ emissions, energy infrastructure, and local partnerships can help enable the next generation of critical raw material production in Europe,” said Rait Maasikas, CEO at UP Catalyst.

Through the collaboration, the parties will evaluate opportunities related to industrial integration, energy infrastructure, and the utilisation of captured CO₂ from Oulun Energia plants to support future large-scale production of sustainable carbon materials in Oulu Industrial Park.

“The collaboration with UP Catalyst aligns with Oulun Energia’s strategy, where we aim for strong growth through the green transition, as well as our mission to recycle materials and strengthen the vitality of Northern Finland. Through this collaboration we also seek to support greater sovereignty in critical materials and to help build new, sustainable industry in Finland,” said Kimmo Alatulkkila, Head of New Business at Oulun Energia.

The parties intend to explore the conditions for establishing UP Catalyst’s first large-scale graphite production facility in Oulu, with a long-term vision of commencing construction before the end of the decade and targeting operations in the early 2031s. The collaboration aims to strengthen local battery material production and reduce dependence on imported fossil-based materials.

Earlier this year, Business Finland granted UP Catalyst a EUR 47 million tax credit as part of the investment credit scheme for large investments aimed at a climate-neutral economy, supporting the company’s planned expansion in Finland.

Picture: Rait Maasikas, CEO of the Estonian company Up Catalyst, is presenting a sample of a carbon material made from carbon dioxide emissions. Standing next to him is Kimmo Alatulkkila, Head of New Business at Oulun Energia.

About UP Catalyst

UP Catalyst is a European deep-tech company producing sustainable graphite and carbon nanotubes from captured CO₂ emissions using its proprietary Molten Salt Carbon Capture and Electrochemical Transformation technology. Recognised as a Strategic Project under the EU Critical Raw Materials Act, UP Catalyst is scaling production of low-carbon battery materials for the global battery and advanced materials industries.

About Oulun Energia

Oulun Energia is one of Finland’s largest energy companies, providing sustainable energy and circular economy solutions with a team of around 300 professionals. As a forerunner in the energy and circular economy sector, the Oulun Energia Group promotes a carbon‑neutral future by investing in renewable energy sources, products that reduce carbon footprints, and intelligent solutions. Oulun Energia also acts as an enabler of regional vitality and sustainable growth, and its goal is to achieve net zero by 2040 in line with the Science Based Targets initiative (SBT) guidelines.