The World’s First Carbon-Neutral Vanadium Production Plant to Be Built in Pori – Business Finland Grants Investment Aid for Novana’s Project

The vanadium plant will recycle industrial side streams, extracting vanadium using patented leaching technology. The resulting by-products will be utilized as construction materials, such as in concrete production. The plant is expected to produce approximately 9,000 tons of vanadium annually, covering up to 60% of Europe’s demand and 5–6% of global production.

“The vanadium plant is highly significant not only for Pori’s regional economy but also for Finland’s export industry. It strengthens Finland’s position in circular economy and critical mineral production, where Pori plays a key role. The project will create direct jobs and increase activity at the Tahkoluoto port. Vanadium production at the plant will also enable new educational and collaboration opportunities with universities and vocational institutions, while opening new doors for the construction industry within the circular economy,” says Lauri Inna, Mayor of Pori.

The planned vanadium plant in Pori is unique on a global scale. The project has been in development for a long time and has already received the necessary environmental permits. Project development is at an advanced stage, and production has been sold years in advance. Business Finland’s investment aid helps secure the project’s completion.

“The investment aid now granted is a significant step toward realizing the project, as the market situation for new industrial investments and especially for new circular economy technologies is challenging. This aid enables the finalization of the financing round and sends a strong message to investors that the Finnish state believes in the project. Our project is exactly what the EU needs: circular economy, self-sufficiency, and new industrial cooperation,” says Johanna Lamminen, CEO of Novana Oy.

During the construction phase, the project will employ about 600 people, and once completed, the plant will provide permanent jobs for around 150 employees. Pori was chosen as the location primarily due to its logistical strengths and skilled workforce. Construction will begin once financing is secured and is expected to take approximately 2.5–3 years.

Vanadium is classified by the EU as a critical raw material, used in the production of specialty steels and batteries. Europe consumes about 8% of the world’s vanadium but does not produce any itself. The Pori plant will promote EU self-sufficiency and the green transition.