Stora Invests €100 Million in Wood-Based EV Batteries, CEO Says [BNN Bloomberg (Canada)]
STORA ENSO OYJ ADR R SH (SEOAY)
NASDAQ:AMEX Investor Relations:
storaenso.com/investors
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Source: BNN Bloomberg
The funds will be used for a “demonstration-scale unit,” which is significantly bigger than the current pilot facility, Hans Sohlstrom said in an interview in Helsinki where Stora is based. The Finnish forestry company is developing a sustainable material that can used as anodes in batteries, helping Europe reduce its reliance on non-renewable, mined or synthetically produced Chinese imports. The ingredient, lignin, makes up as much as a third of a tree and is one of the biggest renewable sources of carbon, Stora says. However, the company, which generates its revenue from pulp, packaging materials, and wood products, is still “several years” away from mass-scale production after starting in 2021, according to the CEO. After the demonstration facility, Stora plans to build a commercial-scale unit, which would require “a big capital investment of hundreds of millions” of euros, he said, adding Stora will need to invest about two euros to create one euro of revenue. “We also need
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