9th of July 2025, Oslo (Norway), Frankfurt (Germany)
Norsk e-Fuel welcomes Tesi (Finnish Industry Investment Ltd) as a new investor in its mission to industrialize e-Fuel production in the Nordics. The state-owned investment company joins Norsk e-Fuel’s shareholder group to support the scale-up of sustainable aviation fuel production and strengthen the development of clean energy solutions across Northern Europe.
Lars Bjørn Larsen (CCO, Norsk e-Fuel); Esa Koponen (Investment Director, Tesi)
Tesi is a market-driven investor that, with its recently renewed investment strategy, has means to make larger individual investments than before. Such investments can be made in scale-ups and in new industrial projects in Finland. The investment in Norsk e-Fuel reflects this strategy, with the company driving fossil-free fuel production projects in Rauma and Imatra, Finland. By acting as a local anchor investor, Tesi attracts private capital and provides credibility to projects in the eyes of international investors, in addition to financing. Tesi makes its initial investment in the company as part of the funding round led by Prime Capital earlier this year, joining prominent co-investors including, among others, Paul Wurth (SMS group), Norwegian, and Sunfire.
“Welcoming Tesi as a shareholder marks another important milestone in our growth strategy and specifically our expansion into Finland, which we initiated last year,” said Lars Bjørn Larsen, Managing Director at Norsk e-Fuel. “Tesi’s strong regional presence and deep experience in scaling industrial and sustainable ventures make them an ideal partner as we advance our project pipeline in Finland and beyond. This collaboration not only strengthens our ability to realize commercial e-Fuel production but also reinforces our commitment to building local partnerships that accelerate the energy transition.”
Norsk e-Fuel aims to industrialize Power-to-Liquid (PtL) production through the development of commercial-scale e-Fuel facilities, delivering sustainable alternatives to fossil-based jet fuels. By 2032, the company plans to commission at least three plants capable of producing over 200,000 tons of synthetic fuel annually. This will significantly contribute to reducing aviation emissions in Europe.
"Under its new investment strategy, Tesi can also invest in new industrial-scale projects to help establish new industry in Finland that utilizes clean electricity and supports the energy transition. The Norsk e-Fuel project in Rauma, which promotes the sustainability of air travel and Finland’s energy security, is an excellent example of an investment aligned with our new strategy,” commented Esa Koponen, Investment Director at Tesi.
With this partnership, Norsk e-Fuel strengthens its investor base, creating a powerful coalition to advance the commercial deployment of e-Fuels in the Nordics and Europe. The collaboration underscores the shared vision of building a climate-resilient future through innovation and cross-border cooperation.
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