Investment AB Kinnevik (publ) ("Kinnevik") announced today that the
Boards of Directors of Kinnevik and Korsnäs AB, in cooperation with
Gävle Municipality, have decided to invest approximately SEK 1.8
billion in a bioenergy plant at Korsnäs' industrial site in Gävle.
Korsnäs intends to invest approximately SEK 320 million in shares and
debenture loans, corresponding to 50% of the jointly owned company
Bomhus Energi AB. In addition to this investment, Korsnäs will be
spending approximately SEK 145 million on energy investments in its
existing plant for the delivery of waste heat to Gävle Energi AB.
The objective of the investments is to, from 2013, secure delivery of
environmentally compatible electricity and steam to the Korsnäs
plant, as well as district heating to Gävle Energi's customers. The
investments will enable a significant reduction in Korsnäs' oil
consumption, while increasing electricity production and the use of
waste heat from Korsnäs' plant. As a result of the investments,
Korsnäs Gävle will raise the proportion of internally produced
electricity from 38% till 45%. The investments will also lead to a
decreased oil consumption of 21,000 m3 per annum. These investments,
in combination with the ongoing construction of the evaporation
plant, will decrease oil consumption from today's level of 44,000 m3
to 4,000 m3 per annum. The total impact on the environment from
Korsnäs Gävle will decrease from 125,000 tonnes to 10,000 tonnes CO2
per annum. The reduction corresponds to the total annual consumption
of more than 10,000 oil heated homes.
The new bioenergy plant will be ready for operation during the autumn
2012. The investments will impact cash flow during 2010-2012. The
investment decision is subject to the signing of the definitive
agreements by the parties and to Bomhus Energi AB securing the
necessary external financing.
For further information, visit www.kinnevik.se or contact:
Christer Simrén, CEO Korsnäs AB +46 (0)26 15 10 00
Mikael Larsson, CFO Kinnevik +46 (0)8 562 000 00
+46 (0)70 762 00 70
Investment AB Kinnevik's objective is to increase shareholder value,
primarily through net asset value growth. Kinnevik manages a
portfolio of investments focused around three comprehensive business
areas; Major Unlisted Holdings which includes the cartonboard and
paper company Korsnäs including shares in Bergvik Skog, Major Listed
Holdings which includes Millicom International Cellular, Tele2,
Modern Times Group MTG, Metro International and Transcom WorldWide,
and New Ventures which is active in finding new investments in small
and mid sized companies which has a significant growth potential.
Kinnevik plays an active role on the Boards of its holdings.
The Kinnevik's class A and class B shares are listed on the NASDAQ
OMX Stockholm's list for large cap companies, within the financial
and real estate sector. The ticker codes are KINV A and KINV B.
