Oulu, Finland – 10 June 2026. Estonian deep-tech company UP Catalyst is advancing plans to produce battery-grade graphite and carbon nanotubes from CO₂ emissions in Finland. UP Catalyst and Finnish energy company Oulun Energia have signed a Letter of Intent for the utilisation of captured CO₂ emissions from one of Oulun Energia’s facilities in Oulu, Finland.

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.

Oulun Energia is one of Finland’s largest energy companies, providing electricity, heating, and energy infrastructure services for households and industries. 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.

 
“UP Catalyst’s decision to locate in Finland and to initiate project planning is the result of a long preparation process. Finland offers one of the most competitive environments in Europe for the development and commercialisation of sustainable innovations. Turning emissions into high-value materials and strengthening strategic supply chains is exactly what we need to remain globally competitive while meeting our climate targets,” said Markku Kivistö, Head of Industry, Cleantech at Invest in Finland, Business Finland.

 
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.