After UPM also Stora Enso announces a biofuel project (biomass-to-liquid). Stora Enso has signed an agreement with Neste Oil to join forces to develop technology for producing new-generation biofuels from wood residues to replace fossil fuels in transportation and thus cut greenhouse gases. The first step will be to design and build a demonstration plant at Stora Enso's Varkaus Mill in Finland. The demonstration plant, which will be owned on a 50/50 basis by the parties, is expected to start up in 2008.
The EUR 14 million demonstration plant will be integrated into the energy infrastructure of the Varkaus Mill, where the gas produced will equal the energy needed to heat 4 300 homes and cut carbon dioxide emissions significantly.
Following the development phase, the joint venture will build a full-scale commercial production plant at one of Stora Enso's mills, once the technical solutions are ready and the JV partners have gained enough experience from the demonstration plant. This facility will be owned on a 50/50 basis between the JV partners. In the joint venture, Stora Enso will be responsible for supplying the wood biomass and utilising the heat generated at its pulp and paper mill. Stora Enso's wood biomass is supplied from forests according to ecological preconditions. Neste Oil will be responsible for final refining and marketing of the biofuels produced.
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