On Monday, French oil giant TotalEnergies announced that it has acquired a motor oil recycler in Hamina STR Tecoil. The company believes that the technology of the Finnish company is the most efficient and best on the market, providing lubricant factories access to high-quality recycled base oil.
STR Tecoil collects and refines waste oil used in vehicles and industrial equipment into usable lubricating oil through its developed technology. This process allows the lubricating oil to be recycled and used repeatedly, making it a sustainable product. The regeneration process has a success rate of about 75%, producing a substantial amount of new, usable base oil.
TotalEnergies’ interest in STR Tecoil was sparked by the ongoing green transition, as the company aims to participate in the recycling of base oils. The purchase price remains undisclosed, but it is considered significant given STR Tecoil’s financial results. In 2022, the company achieved a profit of 9.1 million euros with a turnover of 54.5 million euros. Although the turnover increased slightly in 2023 to 54.6 million euros, resulting in 3 million euros in profit, Kokko anticipates an even better outcome this year and expects an increase in turnover for STR Tecoil.
The acquisition of STR Tecoil by TotalEnergies marks a significant milestone for both companies as they work towards creating sustainable solutions for their customers.
TotalEnergies is known for its lubricants and is one of the largest energy companies globally with operating profits around 30 billion euros. With over 100,000 employees worldwide, TotalEnergies plays a vital role in shaping the future of energy production and consumption.
Finnish-based STR Tecoil operates out of Hamina and has positioned itself as one of the most successful companies in Kymenlaakso region with its production capacity reaching approximately 50,000 tons per year.
Juha Kokko, CEO of STR Tecoil stated that he believes that with Total’s resources, his company can expand significantly and grow further under new ownership.
TotalEnergies’ acquisition of STR Tecoil highlights their commitment to sustainability and innovation as they look towards developing new solutions to meet growing demand for cleaner energy sources.
