Sunpine named Sweden's fastest growing impact company

Piteå-based Sunpine has been named the fastest growing company in the green transition, according to a compilation from the news service Impact Loop, which monitors over 1,200 impact companies.

With a turnover increase of SEK 900 million in 2022–2023, Sunpine takes the lead at a time when many doubt the progress of the energy transition.

– It feels incredibly honorable that our almost 20-year journey is being recognized in this way. We have invested close to one billion kronor to develop our patented process and build our facility, and have won the Polhem Prize for our innovation, among other things, says David Öquist, CEO of Sunpine.

Sunpine produces Tall Oil Diesel, a biofuel produced from tall oil – a byproduct of the paper and pulp industry. Tall Oil Diesel has a 90 percent reduction in carbon dioxide and, unlike many other biofuels, does not compete for land with global food production.

The world's largest plant for crude tall oil diesel

– Our process is protected by approximately 90 patents and with an annual production capacity of 200,000 tons, we are the world's largest producer of crude tall oil diesel – which we distribute to strategic partners in the fuel industry in Sweden and internationally. From crude tall oil, we also extract resin, turpentine, alpha-pinene and bio-oil, which are used in a number of different industries, says David Öquist.

Impact Loop defines an impact company as a company whose business idea is to work towards one or more of the UN's sustainability goals. And with a turnover increase of just over SEK 900 million, Sunpine is growing more than twice as much as the second place company on the list.

– Sunpine is one of the few companies in the green transition in Norrbotten that has a long history of profitability. For us, it is proof that green transition is not only an environmental issue but also a sustainable business strategy, says Pernilla Kearney, Strategy Manager at Sunpine.

Expansion when the world increases the reduction obligation

In 2024, the biofuel market has been affected by both the reduced reduction obligation in Sweden and geopolitical uncertainty. However, Sunpine sees great expansion opportunities for its products in the coming years, both linked to stricter environmental requirements and continued innovation.

– Our Raw Tall Diesel can play a major role in the energy mix of the future, not least when the world is now starting to differentiate between different biofuels, both from a quality and sustainability perspective. In addition, the requirements for reduction obligations are being increased within the EU, at the same time as they are being introduced in both the shipping and aviation industries. We are therefore focusing on broadening our international customer base to meet those needs, concludes David Öquist.