One of Fortum Corporation’s services has been the collection of clear waste oils in Finland and Sweden. NextOil Oy, Baltoil AS’s Finnish subsidiary, acquired Fortum’s clear waste oil recycling operations and product sales in December 2020.
NextOil Oy will continue to collect and recycle clear waste oils in Jämsänkoski. The Jämsänkoski production plant has been processing and recycling waste oils to make new oil products for more than 40 years. NextOil Oy’s parent company Baltoil AS has extensive experience in the field of oils, bio-oils and chemical industry, which will be used in the production plant’s further development in the coming years.
Following the transaction, the Baltoil Concern has the capacity to recycle nearly 10 million liters of clear waste oils and bio-oils per year in Estonia and Finland. The new recycled oils are mainly used in sawmill and forestry industries, maritime, etc. Environmentally friendly bio-oils are used as saw chain oils by both private consumers and businesses.
According to Pekka Mononen, the founder and Member of Board of Baltoil AS, the company’s strategy is to develop and grow activities based on the circular economy while paying attention to sustainable and environmentally friendly reuse of materials. “We consider it important to to raise customers’ awareness about the value that the environment-friendly disposal of waste oils and using products based on these raw materials can create for them. Our services and products help our customers to achieve their sustainable development goals and reduce the CO2 footprint caused by their daily activities. ”
Kalle Saarimaa, Member of Board of Fortum Waste Solutions Oy, says that the Jämsänkoski production unit has historically played an important role in Finnish recycling economy and in waste recycling system. “We were pleased to find a partner with such long-term experience and knowledge in the field, willing to continue developing the Jämsänkoski unit and also serve Fortum’s customers in the field of waste oils,” said Saarimaa.
The parties do not disclose the cost of the transaction. Support for financing the transaction came from Swedbank.