NOKIA, Finland — Nokian Tyres P.L.C. has secured a loan to support the company's project in Romania, just a month after the zero-CO2 factory being built there produced its first tire.
Nokian signed the €150 million (roughly $162 million) loan with European Investment Bank (EIB). The eight-year loan will support Nokian's strategic investment project in Romania, where the company is building the world's first zero CO2 tire factory.
"Our Romania factory is making history as the world's first zero CO2 emission tire factory," Leena Kaipainen, VP, Group Treasurer, said. "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."
The $697 million passenger tire facility, located in Oradea, Romania, produced its first tire July 1 — a Nokian Snowproof 2 non-studded winter tire for Central European passenger cars.
The company said the plant, which broke ground on May 2023, is expected to be ready for commercial tire production in 2025.
