New solutions for sustainable living
The EU bank’s funds will cover Tapojarvi’s investment in an innovative slag processing and valorisation plant in Umbria, Italy. The project promotes the shift towards a circular economy that reduces the environmental impact of stainless steel manufacturing. The EIB financing is backed by an EU guarantee from Investment Plan for Europe.
Reducing the environmental impact of the steel industry while promoting a shift towards a circular economy and the development of innovative processes. This is the main objective of the European Investment Bank (EIB)’s 18 million euro loan to Tapojarvi, a family-owned Finnish midcap founded in 1955 that specialises in handling, processing, and recycling services for the mining and steel industry.
The EIB funds, backed by a guarantee from the European Fund for Strategic Investments (EFSI) — the main pillar of the Investment Plan for Europe — will cover Tapojarvi’s investment in an innovative slag processing and valorisation plant located in Umbria, Italy.
The project will also cover the initial testing and ramp-up phases to transform the slag into valuable by-products and reduce landfilling. This will entail the deployment of advanced manufacturing technologies compliant with industry 4.0 principles, introducing innovative recycled products mainly for construction use, and reducing the consumption of natural resources and raw materials. Hence, the project will support a shift towards a circular economy and will contribute to reducing the environmental footprint of a highly polluting industry.
Moreover, the project will increase Tapojarvi’s competitiveness and boost job creation in Umbria, an Italian cohesion region with higher unemployment rates than the European Union’s average. It is estimated that the project will contribute to creating more than 500 jobs during the implementation phase.
Gelsomina Vigliotti, EIB Vice-President, stated:
“Operations like the one signed with Tapojarvi are essential to support the shift toward a more circular and sustainable economy as they contribute to reducing the environmental footprint of stainless steel plants via the recovery of valuable raw materials. Circular economy is a key instrument to fight climate change and reduce businesses’ dependency on imports from third parties.”
Paolo Gentiloni, Commissioner for the Economy, said:
“I welcome the EIB support, backed by the Investment Plan for Europe, for Finnish company Tapojarvi. This funding will go towards an innovative industrial plant in Umbria, and towards developing ways to transform slag into valuable by-products and reduce landfilling. In doing so, the project will support the regional economy and the creation of 500 jobs in the implementation phase, while increasing recycling and reducing the consumption of natural resources and raw materials in the steel and mining industry.”
Martti Kaikkonen, Chief Executive Officer, Tapojarvi Italia S.r.l., stated:
“The Tapojarvi project in Italy is a second-generation eco-innovative slag processing plant based on more than 15 years of experience in slag processing and productization in Finland. Tapojarvi will continue its internationalization and expand the slag processing and productization to other European countries.”