AGP Executive Report

Data Centre Scrutiny: Google Finland’s chief apologised for clearing about 530 hectares of forest for sites in Muhos and Kajaani. Work remains suspended after regulators ordered a halt over missing environmental impact assessments. Gaming Jobs: Ubisoft has proposed closing Finnish studio RedLynx, putting up to 52 positions at risk as it restructures. Energy Investment: Google plans to invest €13 billion in Finland over two years and buy power from Fortum’s Loviisa nuclear plant from 2030; Fortum plans a €1 billion programme to extend the reactors’ operating lives. Costs and Support: Inflation rose to 2.5% in September, its highest rate since February 2024, with transport prices up 8.9% year on year. The government is working on a €60 million fuel subsidy package. Mining: Latitude 66 has begun drilling to test for extensions to its Finnish gold-cobalt resource as it advances feasibility work. Retail Logistics: Kesko is overhauling grocery warehousing with an AI-driven system from Manhattan Associates.

Brewing: Finnish drinks maker Olvi cut its 2026 operating-profit forecast to €80–85 million after weaker European earnings and higher costs; its shares fell sharply. Food Retail: Spain’s SanLucar is entering Finland through a long-term partnership with produce supplier Vegepörssi, targeting premium fruit and vegetables and Finnish retailers. Transport Costs: Prime Minister Petteri Orpo says talks continue on a fuel subsidy of about €60 million, with support aimed at commuters and professional transport operators. Digital Infrastructure: French company Sesterce has proposed investing up to €10 billion in an AI computing campus at a former Finnish industrial site, renewing calls for tougher scrutiny of data-centre projects. Technology: Nokia is set to sell its Enterprise Campus Edge business to private-equity firm Aurelius as it reshapes its portfolio. Manufacturing: Valmet won an order for a containerboard production line in China, extending Finnish industrial suppliers’ reach in export markets.

Data-Centre Investment: Finland has halted Google’s work on two AI data centres over alleged deforestation and incomplete environmental reviews. Separately, Sesterce has proposed investing up to €10 billion in an AI campus on a former industrial site, as business leaders call for tougher scrutiny of data-centre projects. Tech and Industry: Nokia plans to sell its Enterprise Campus Edge business, serving nearly 900 industrial customers, to AURELIUS in a deal expected to close in 2027. The unit supports private wireless and industrial digitalisation. Retail Logistics: Kesko is replacing its grocery warehouse system with cloud-based software featuring AI tools, aiming to improve efficiency across its €6.5 billion grocery business. Trade and Technology: Finland’s foreign trade minister is leading companies to Indonesia and Vietnam to pursue deals in energy, digital technology and healthcare. Finland and Singapore also agreed to deepen cooperation on AI, quantum technology and digital infrastructure. Telecom Jobs: Telia plans to cut about 900 jobs across its markets, including 280 in Finland, as it restructures to reduce costs.

Marine Engineering: Finnish propulsion maker Steerprop won its first order from Denmark’s navy, supplying propulsion systems for three environmental vessels. Telecoms: Telia plans to cut 900 jobs across its markets, including about 280 in Finland, as it seeks €100 million in annual savings. Data Centres: Finland halted Google’s work on two planned AI data centres over alleged forest-clearing violations and missing environmental studies. Separately, French firm Sesterce proposed an AI campus of up to €10 billion at a former industrial site. Energy Storage: Nala Renewables has begun construction of a 250 MWh Finnish battery, while Olana connected two battery projects to the distribution network. Trade: The United States has overtaken Sweden as Finland’s largest export market.

Telecoms: Nokia unveiled a fiber-network card supporting speeds up to 50Gbps, letting operators upgrade capacity without replacing hardware; availability is planned for 2027. Construction: Biltema’s planned Åland store faces higher costs because steel and concrete components must be imported, adding transport and logistics expenses. Biotech: Finnish allergy-treatment developer Desentum raised €28 million to advance its birch-pollen program and develop peanut and cat-allergy treatments. Mining: Nordic Resources lifted the estimated gold-equivalent resource at its central Finland Kopsa project by 86% to 1.52 million ounces and has started further drilling. Digital infrastructure: Finland has halted Google data-centre work over alleged forest-clearing violations, while French firm Sesterce has proposed a €10 billion AI-computing campus in the country. Energy storage: Finnish supplier Valo was selected to provide battery systems and software for Australia’s 400MW Teebar project.

Defence Supply: Finland will send ammunition for Ukraine’s F-16s in the coming days as part of its 35th military aid package, worth about €1 million. Data Centres: Authorities have halted work at two Google sites over forest clearing and unresolved environmental reviews, complicating Finland’s push to attract major AI investment. French firm Sesterce, meanwhile, has proposed investing up to €10 billion in a 600MW AI campus at a former industrial site. Energy Storage: Nala Renewables has started construction on a 250MWh Finnish battery project, adding to a growing pipeline of grid-scale storage. Trade and Industry: The US has overtaken Sweden as Finland’s largest export partner, while Finnish industrial output fell for a second consecutive month.

Industrial Output: Finnish industry’s working-day-adjusted turnover rose 11.8% year on year in August, led by chemicals (+32.1%), electronics and electrical equipment (+17.1%) and metals (+13.1%). Data Centre Boom: Finland has halted work at two Google data-centre sites after forest clearing began without completed environmental impact assessments. The decision puts scrutiny on the company’s planned €13 billion expansion, as Sesterce separately proposes a €10 billion AI campus in Central Finland. Energy Storage: Nala has moved a 250MWh Finnish battery project into construction, while Olana has connected two batteries to the distribution grid. Building Materials: Heidelberg Materials and CRH are acquiring NCC’s aggregate operations in Finland, reshaping ownership in the Nordic materials market.

AI Infrastructure: Finland has halted work at two Google data-centre sites over alleged forest-clearing violations and incomplete environmental assessments, underscoring permitting risks for major projects. French firm Sesterce, meanwhile, plans to invest up to €10bn in an AI campus on a former industrial site, with capacity of up to 600MW. Energy Dispute: Rosatom says an ICC tribunal ruled that Fennovoima unlawfully terminated the Hanhikivi-1 nuclear plant contract; the dispute continues through legal proceedings. Batteries: Nala Renewables has started construction on a 250MWh Finnish battery, while Olana has connected two batteries to the distribution network. Materials: Heidelberg Materials has agreed to buy NCC’s materials operations in Finland and Denmark, expanding its Nordic footprint.

Digital Building Services: KONE opened its first Indian Digital Experience Centre in Pune, showcasing connected elevators and data-driven building operations. Circular Manufacturing: Syklo launched a €70–80 million Hyvinkää hub combining Finland’s largest plastic recycling plant with biocomposite production. It can process 50,000 tonnes of plastic waste annually, lifting national recycling capacity by 50%. Critical Materials: The EU named 46 new strategic projects, including Arctial’s planned primary aluminium smelter in Kokkola-Kronoby and a Finnish lithium-processing project, to strengthen European supply chains. Industrial Activity: Finland’s industrial output fell for a second month in August, though it remained above its year-earlier level. Data Centre Investment: Finnish authorities halted work at Google data centre sites over alleged forest clearance and environmental concerns, highlighting permitting risks as France’s Sesterce proposes a €10 billion, 600-megawatt AI campus in Finland. Logistics Property: Catena agreed to buy a ten-property Finnish logistics portfolio for €191 million, adding modern assets across the Helsinki–Tampere–Turku corridor.

Talent Pipeline: International recruits now earn 32% of Finland’s doctoral degrees, up from 21% in 2015; their share of STEM doctorates has climbed to 49%, as Nordic universities struggle to attract local candidates. Logistics: Catena is buying 10 Finnish properties from Urban Partners for €191 million. The 142,300-square-metre portfolio is concentrated in the Helsinki-Tampere-Turku corridor and strengthens Catena’s Finnish base. Data Centres: Finland has halted work at two Google sites over alleged forest-clearing violations, pending environmental reviews. The move highlights permitting and land-use risks for a sector attracting major investment, including Sesterce’s proposed €10 billion AI campus. Trade: The US became Finland’s largest export partner in August, overtaking Sweden. Exports to the US reached €1 billion, up 224% year on year, with pharmaceuticals driving much of the increase. Industrial Output: Production fell 1.3% month on month in August, though it was up 0.8% from a year earlier. Chemical output saw the sharpest monthly drop, down 11.8%.

Data Centre Expansion: Finland has halted preparatory work at Google’s planned Muhos and Kajaani sites after regulators cited extensive forest clearing before environmental assessments were complete. A police investigation is under way. AI Investment: French firm Sesterce plans to invest more than €10 billion in an AI campus at the former UPM paper mill in Jämsä, starting with 200MW and potentially expanding to 600MW. Battery Storage: Nala Renewables has begun construction of its 125MW/250MWh Vuolijoki project, while Olana Energy commissioned two southwest Finland sites adding 17MW and 18MWh. Investment Conditions: Business Finland chief Lassi Noponen says Finland should secure greater local benefits from data centre projects, as tighter grid access and environmental rules challenge the sector’s rapid growth.

Data-centre oversight: Finland ordered Google to stop major site work at planned centres in Muhos and Kajaani until environmental assessments are complete. The order follows extensive forest clearing and is a setback for the company’s €13 billion investment plans. AI investment: French firm Sesterce plans to invest more than €10 billion in a data-centre campus at the former Kaipola paper mill in Jämsä, starting with 200 MW of capacity. The project could expand to 600 MW and create about 300 permanent jobs, subject to approvals. Energy storage: Nala Renewables has begun construction of a 125 MW battery project in Vuolijoki. Finnish startup Truman Data, meanwhile, has launched a revenue-sharing platform that helps buildings and municipalities earn from battery storage and flexible electricity use. Industry outlook: Finnish industrial output fell for a second month, adding to signs of pressure even as major technology and energy projects advance.

Data Centre Boom: Finland has ordered Google to halt preparatory work at planned sites in Muhos and Kajaani until environmental assessments are complete. The order follows forest clearing and a police inquiry into suspected illegal logging. AI Investment: French firm Sesterce plans to invest more than €10 billion in a data centre in Jämsä, starting with 200MW of capacity. Applied Digital has also secured access to up to 1GW of potential Finnish power capacity. Industrial Activity: Output fell 1.3% in August, marking a second monthly decline; manufacturing was also down 1.3%. Manufacturing: Exel Composites has completed a production line in Joensuu to make carbon-fibre tubes for a cargo airship, while Valtra unveiled a redesigned tractor range built at its Suolahti plant. Materials and Exports: CRH is set to acquire NCC’s aggregates operations in Finland and Denmark. Separately, Nouryon won Chinese approval to supply a Finnish-made plant-based ingredient for pharmaceutical manufacturing.

Data Centre Expansion: Finland ordered Google’s subsidiary to halt environmentally significant work at planned data centres in Muhos and Kajaani until environmental impact assessments are complete, following extensive forest clearance. Google said it had fallen short of its standards. Grid Access: Finland is changing connection rules to move large data centres behind higher-priority users. Applied Digital, meanwhile, secured access to up to 1GW of potential power capacity in the country. Energy Storage: Nala Renewables has moved its 125MW/250MWh Vuolijoki battery project into construction, adding to its Finnish pipeline. Infrastructure: CRH agreed to acquire NCC Industry’s operations in Finland and Denmark, expanding its aggregates, quarrying and recycling business. Industrial Technology: An Imatra electric-arc furnace recycled retired Figure humanoid robots, with the recovered metal sent to the United States.

Google Data Centers Under Scrutiny: Finland’s LVV ordered Tuike Finland Oy to halt preparatory work at two planned Google sites in Muhos and Kajaani until required environmental impact assessments are completed, after forest clearing and other changes were reported without the mandatory process. Construction & Materials Deal: CRH agreed to acquire NCC Industry’s aggregate and asphalt operations in Denmark and Finland, expanding CRH’s Nordics footprint in quarries, recycling and asphalt networks. Chemicals Regulation: ECHA’s risk assessment committee recommended stricter EU classification of trifluoroacetic acid (TFA) as a reprotoxic substance and persistent, mobile and toxic, with long-lasting water contamination concerns. Energy & Industry Policy: Finland’s grid rules are being rewritten to push large data centers further back in the connection queue, as authorities respond to power and environmental pressure. Logistics Automation: Aldi and Cimcorp deployed automated fresh-produce handling at a UK distribution center, aiming to move high volumes with precision. AI Infrastructure Financing: ASP Data Center AS is reportedly exploring an Oslo IPO that could raise about $100m, with a Finland site in its expansion plans.

Google Data-Centre Backlash: Finland’s LVV has ordered a halt to preparatory work on two Google sites in Muhos and Kajaani after forest clearance without required environmental impact assessments, with compliance deadlines set for 23 October and further explanations due in mid-October. Grid Rules Shift: Finland is drafting Electricity Market Act changes that scrap first-come, first-served grid connections for data centres, replacing it with a priority ranking that pushes large loads lower unless they add their own generation or can cut demand. Power Deals for AI Buildout: Applied Digital says a Finland power agreement gives it access to up to 1GW of potential capacity, marking its first overseas development step, while Google also signed a 3.6GW nuclear-linked energy deal with Constellation for long-term supply. Industrial Tech in Finland: Exel Composites expanded carbon-fibre tube production capability in Joensuu for Flying Whales’ LCA60T airship, moving into process validation. Defense Industry Contract: Patria will equip its TRACKX tracked vehicles with RENK transmissions under a €30m order, with deliveries starting in 2027. Robotics Spotlight: Figure decommissioned its F.02 humanoid robots by training them to jump into molten steel in Finland, turning a disposal plan into a spectacle.