Nokian Tyres has signed a EUR 150 million loan agreement with the European Investment Bank (EIB). The eight-year loan will support Nokian Tyres’ strategic investment project in Romania, where the company is building the world’s first zero CO2 tire factory.
Nokian Tyres is one of the sustainability leaders in the tire industry, and the company is doing continuous development in various sustainability areas. The loan agreement aims to further improve the sustainability of Nokian Tyres’ operations by financing advanced tire manufacturing technologies at the new Romanian production facility.
“Our Romania factory is making history as the world’s first zero CO2 emission tire factory. It will be an industry benchmark with a holistic approach to sustainability, including the use of solely CO2 free energy sources and energy-efficient and highly automated processes. EIB is an important partner in our investment project and the financing agreement allows us to further develop sustainability of the tire industry,” says Leena Kaipainen, VP, Group Treasurer.
“Our collaboration with Nokian Tires will significantly contribute to the development of the northwest area of Romania,” said in his turn EIB Vice President Ioannis Tsakiris. “It will also make the region more attractive to other potential investors.”
The Oradea factory will be around 100,000 square meters and will be based on green energy obtained from sources with zero CO2 emissions, including locally produced green energy, as well as on advanced technologies to prevent CO2 emissions, which cause changes climatic.
The plant will produce up to 6 million tires annually once it reaches full capacity in 2027. Commercial operations will begin in the first part of 2025 and capacity will gradually increase in 2026. The site will also include a warehouse for tire distribution.
The project is at the heart of Nokian Tires’ strategy to develop innovative, reliable and durable tires.
Bravo Tsakiri, but we need more to be directed especially small & medium enterprises. Efharisto.