COBALT advises establishment of Outotec and Eesti Energia joint venture

Our senior associate Kristel Raidla and her team advised the German affiliate of NASDAQ OMX Helsinki listed Outotec, a leading global provider of process solutions, technologies and services for the mining and metallurgical industries, on establishing a joint venture with state-owned Eesti Energia.

The function of the newly established company is to hold intellectual property rights and commercialize innovative oil shale processing technology Enefit. The new technology is energy efficient and meets the EU environmental legislation. The parties agreed to build an oil shale production plant in North-East of Estonia which should facilitate the achievement by the joint venture of a leading position as developer and supplier of new oil shale processing technology. The production line should be ready by 2012.

Our assignment included advising Outotec in connection with the shareholders’ agreement, EPC agreement and certain other project agreements, assisting our client in closing the transaction and managing the establishment of the joint venture company.