When sustainability drives growth: Why Japan’s Oji Holdings invested in Espoo-based Nordic Bioproducts Group

When you hear Nordic Bioproducts Group (NBG) founder and CEO Olli Kähkönen talk about saving the planet, you know he means business. A career defined by a multidisciplinary education and an unflinching dedication to science-driven sustainability, Kähkönen founded Nordic Bioproducts Group in 2019 to harness nearly a century of Finnish renewable biomass research into business.

In 2019, NBG began to commercialise Aalto University's innovative AaltoCell® technology. AaltoCell® delivers unmatched sustainability and efficiency benefits in the production of Microcrystalline Cellulose (MCC) and cellulose derivatives used, for example, in food production, pharmaceuticals, and cosmetics. Compared to a competing, less sustainable production method, AaltoCell® comes with no additional costs.

Coming from a country known for its pioneering research in bioeconomy, NBG quickly attracted international attention. In January 2026, Japan's Oji Holdings Corporation, one of the world's largest forest industry companies, acquired a 20% ownership stake in the Espoo-based company.

Technology, commitment, and trust — the reasons behind the investment

For NBG, the Oji partnership represents a major milestone in the global expansion of AaltoCell® technology, signifying the company's capability to develop high-value bio-based materials for international markets.

But why did Oji choose NBG as its strategic partner? According to Kähkönen, the technology and sustainability factors were among the main reasons. For the global forest industry leader, the partnership offers access to AaltoCell®, enabling the production of pharmaceutical-grade MCC while reducing energy use, emissions, and chemical inputs compared with conventional methods.

Another factor behind the collaboration is NBG's expertise and technology offering in biomass refining. Forests and agricultural systems generate large volumes of renewable raw materials that still go underutilised worldwide. NBG has developed technologies that enable these biomass residues to be converted into new materials and ingredients. In the long term, these technologies can also help transform traditional pulp mills into modern biorefineries capable of producing a wide range of bio-based products.

And finally, it was Kähkönen and NBG's unflinching dedication to their work and the brutal honesty and openness with which he approached Oji when negotiating the deal.

"I explained everything to them as things are, hiding nothing," Kähkönen says. "I told them that we're not able to do this alone and that we need a partner. But when we're together, we really are together, and we deliver what we promise. And Oji respected that."

Growing global demand for NBG's technologies

NBG's clients are primarily in the food, pharma, cosmetics, and nutraceutical industries, where MCC is used as a stabiliser, thickener, and functional ingredient. Demand for the company's materials already exceeds its current production capacity. For a growing deep tech company, this is a promising sign.

At present, NBG is focusing on scaling up production of its MCC products. The next phase will involve expanding production while continuing to develop new products. Rather than expanding too quickly, the company aims to grow gradually while maintaining strong relationships with its existing clients.

"First, we want to take good care of our clients. Step by step, we can expand both the product and customer portfolios. We have the courage and all the possibilities to grow because of our unique technologies and offerings," says Kähkönen.

There are few easy fights to be won in the sustainability business. But for Kähkönen and NBG, saving the planet is the only way to do business. Rather than pursuing quick wins, NBG has made sustainability a competitive advantage.

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