Chempolis Oy announces new ownership and transfer of Fortum Bio2X

Chempolis Oy, a provider of groundbreaking biorefining technologies, is pleased to announce two significant milestones in the company’s journey. It has been agreed that the majority of Chempolis Oy will be acquired by AM Green, a producer of green hydrogen and green ammonia. Chempolis Oy’s subsidiary, Chempolis India Private Limited is also included in the transaction. In addition, the Finnish energy company Fortum Oyj has agreed to divest its biobased solutions business (Bio2X) to Chempolis. In 2023, Fortum renewed its strategy after which Chempolis’ and Bio2X’s business areas were no longer in the core of Fortum’s strategy.

AM Green is a pioneering developer of production capabilities for green molecules, which can be utilized to decarbonize hard-to-abate industries. AM Green aims to become one of the most cost-competitive producers of green molecules in the world. The venture is indirectly wholly owned by the founders of Greenko Group, one of India’s leading renewable energy companies and a major global player focusing on clean energy solutions.

“We want to warmly thank Chempolis’ previous owners for the trust and excellent collaboration throughout our long journey together. We are also excited and look forward to the collaboration with AM Green, as Chempolis will be in the centre of AM Green’s future strategic goals”, says the CEO of Chempolis Heli Antila.

“We are excited to partner with Chempolis to advance the processing of 2G lignocellulosic feedstocks. This highlights our commitment to develop innovative, technology-enabled solutions to establish large-scale biorefineries that utilize multiple feedstocks and produce high-value green products enabling global decarbonization in aviation, fuels, chemicals, and other industrial sectors”, says Anil Chalamalasetty, the Group Chairman of AM Green.

The concurrent transfer of Fortum Bio2X is the final step in deepening the yearslong collaboration between the parties. With the transaction, the formerly separate entities will now function as one company. The cooperation of Chempolis and Bio2X started already in 2015, and the companies have worked in joint projects for several years. Bio2X brings to Chempolis its valuable expertise on product and business development, which complements Chempolis’ core technologies.

Sustainable solutions to answer the market demand

With the new ownership and transfer of Bio2X, Chempolis’ operations and strategic capabilities will strengthen significantly. AM Green has a proven track record in energy entrepreneurship and in renewable energy and storage as a service models, as well as a strong financing base supporting them. In addition to these benefits, the transfer of Bio2X enables Chempolis to holistically serve the needs of its partners and customers throughout the whole value chain.

Today, Chempolis has large-scale projects in India with Assam Bio Ethanol Private Limited and NTPC as well as in Finland with NordFuel Oy. The joint venture of Assam Bio Ethanol Pvt Ltd will be the first biorefinery in the world producing cellulosic ethanol and bio-based chemicals from bamboo. Moreover, Chempolis has partnered with NTPC to explore the feasibility of setting up another bamboo-based biorefinery in the state of Assam. In March 2024, NordFuel selected Chempolis as the technology provider for their Haapavesi bioproduct factory, and the collaboration towards commercialization continues.

In the pipeline, the company also has several other promising projects underway across Asia, Europe, and the Americas. The outlook for Chempolis and its operations look very bright, as it continues the work with the aim of a purer future.

“We have an excellent new owner and a skilled team working with our solutions. Thus, we now have the whole package to answer to the rising market demand. The timing is truly right for scaling up our technology and solutions”, Antila says.