Taaleri's investment Joensuu Biocoal Oy will build a bioindustry plant producing torrefied biomass in Joensuu. Taalerin Plc's Board of Directors has made an investment decision. The Center for Economic Development, Transport and the Environment has granted EUR 3.4 million in support of the project from the European Regional Development Fund, and the Climate Fund has granted a capital loan of EUR 5.0 million to the project. A number of Finnish family-owned investment companies have also invested in the project. The value of the investment is approximately EUR 20 million.Torrefied biomass replaces the use of coal in the cement and steel industries, for example. It can also be used in soil improvement and water treatment.Construction of the bioindustry plant will begin in spring 2022 and the plant is expected to start production in mid-2023. The planned total production of the plant is about 60,000 tons of torrefied biomass per year. The mill uses by-products from the forest industry and forestry as raw material, and it uses annually approximately 250,000 cubic meters of biomass, mainly bark and first thinnings. The torrefication technology used in the project is based on technology by NextFuel AB that is developed in close collaboration with ANDRITZ AG.The bioindustry plant will be built on the site of Savon Voima Oyj's Iiksenvaara CHP plant. In addition to the land, Savon Voima leases certain equipment to the bioprocess plant and provides services to it. There is also a plan to build a cluster around the plant, which includes e.g. Natural Resources Institute Finland, University of Eastern Finland, Karelia University of Applied Sciences and Business Joensuu. The group's goal is to develop products and refine new uses for torrefied biomass and biochar.Taaleri plans to build more bioindustry plants in the future. In December, the company launched Europe's first private equity fund focusing on bioindustry projects. In addition, Taaleri has invested in a biorefinery being built in Hamina.