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Bioeconomy company Estonian Cell named Company of the Year and Investor of the Year

Having invested 200+ million euros in innovative and environmentally friendly production, the paper company Estonian Cell AS was named Investor of the Year and Company of the Year at Estonian Enterpreneurship Awards 2019 gala held last Friday.

Estonian bioeconomy is centuries older than digital technologies

Timber production, since the 18th century partly combined with pulp and paper industries, has been one of the biggest industries in Estonia for a long time already, since long before the emergence of digital.

Considering that 50% of Estonia is covered with forest, the country’s forestry, timber industry and pulp & paper industry traditions have a centuries-long history. When in a truly digital country, 30% of the economic output is linked to bioeconomy, it’s no wonder that a combination of traditional industries, modern tech solutions and Estonia’s IT capabilities are attracting reputable foreign investors in the Estonian bioeconomy. One of the companies that has been able to increase the added value in Estonia’s bioeconomy value chain through the application of innovative technology, is Estonian Cell.

“Throughout the last two decades, Heinzel Group has invested more than two hundred million into our modern pulp mill in Estonia. This state-of-the-art technology enables us to add more than 5 times value to local aspen wood,” said Siiri Lahe, Member of the Management Board of Estonian Cell at the gala.

“Exactly such foreign investments help to bring new knowledge to Estonia, create new jobs and raise the salaries of Estonian people,” Sigrid Harjo, Member of the Management Board of Enterprise Estonia added.

Estonian Cell produces environmentally friendly paper from aspen wood

AS Estonian Cell is an East Estonia based aspen pulp mill, which started production in April 2006. The company is owned by Austria’s Heinzel Group. It employes 90 people directly and generates work for around 500 employees within its value chain.

The company, specializing in bleached chemi-thermochemical pulp (BCTMP), has recently completed a €20 million investment in the Northern Estonian town of Kunda which will increase the company’s production output as well as reduce its impact on the environment. Company’s modern production standards and environmentally friendly technology help to satisfy the requirements of the international environmental management standard – ISO 14001.

Best Estonian Companies 2019

The Company of the Year and the Investor of the Year awards are part of the Estonian Entrepreneurship Award initiative. The Entrepreneurship Award is Estonia’s highest recognition for entrepreneurs and entrepreneurship. It is aimed at highlighting the most ambitious companies in Estonia. Awards are given out in six categories. This year’s winners were:

Company of the Year: paper company Estonian Cell AS

Investor of the Year: paper company Estonian Cell AS

Exporter of the Year: parcel locker and fulfillment robotics provider Cleveron AS

Innovator of the Year: Electronic ID company SK ID Solutions AS

Design Applier of the Year: production monitoring solution provider Evocon OÜ

Family Enterprise of the Year: construction material producer OÜ T-Tammer


Whether you seek high-quality production, world-class digitalisation capability or cutting-edge R&D, Estonia is an attractive and scalable location for bioeconomy investment.

Wish to invest in Estonian bioeconomy? Send us a request for e-Consulting to find out more from one of our advisors.

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