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2 hours ago 2 min read
Estonian deep tech company UP Catalyst is targeting commercial graphite production in Finland from 2031.
It plans to produce battery-grade graphite and carbon nanotubes from captured carbon dioxide (CO2) emissions using CO2 molten salt electrolysis technology, together with Finnish energy company Oulun Energia.
A letter of intent covers the utilisation of captured CO2 emissions from one of Oulun Energia’s facilities in Oulu.
Rait Maasikas, CEO of UP Catalyst, said 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. Converting CO2 into graphite captures greenhouse gases and turns them into valuable solid carbon.
“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,” he said.
Earlier this year, Business Finland granted UP Catalyst a €47m ($52.5m) tax credit as part of the investment credit scheme for large investments aimed at developing a climate-neutral economy.
Developing commercial graphite has its equal share of pros and cons.
On the plus side, it supports supply chain sovereignty, reduces shipping emissions and aligns with efforts to grow and align circular economies.
But drawbacks include high energy costs, strict environmental regulations and sub-scale profitability, with European electrode producers struggling to compete with cheaper Asian alternatives.
