Neova will incorporate business operations related to security of supply and real estate development in Finland into a separate company
The Finnish business operations related to security of supply and real estate development will be centralized in the newly established Vapo Terra Oy. Vapo Terra Oy is part of Neova Group’s Fuels&Real Estate Development division, which is led by Business Director Pasi Koivisto. The change is scheduled to enter into force on January 1, 2023. The change has no effect on the group’s structure, the confirmed strategy or the number of personnel employed by the group.
In the future, about 50 of the group’s approximately one thousand employees will be transferred to Neova Oy’s wholly owned subsidiary, Vapo Terra Oy, whose annual turnover will be in 2023 approximately EUR 100 million. In the coming years, the main part of the company’s turnover will consist of the sale of energy peat, pellets and land, as well as wind and solar power development projects.
The functions related to energy security in Finland and the businesses related to the group’s land assets in Finland and real estate development will be concentrated in Vapo Terra Oy. In the same context, all land owned by Neova Oy in Finland, i.e. approximately 60,000 hectares, will be transferred to Vapo Terra Oy. Vapo Terra Oy’s mission is to maximize the value of land assets, e.g. by developing and approving wind and solar power projects and by developing a business that supports carbon sequestration in the long term.
According to Vesa Tempakka, CEO of Neova Oy and Kekkilä-BVB Oy, the changes are intended to optimize the management of the group’s various business functions and ensure the company’s operations related to security of supply in both the short and long term.
Further information:
- Vesa Tempakka, CEO, Neova, tel. +358 400 726 727
- Jarmo Santala, CFO, Neova, tel. +358 40 801 9191
- Ahti Martikainen, Director of Communications and Public Affairs, Neova, tel. +358 40 680 4723