Many thanks for the clarification. If one line cost 5-10 million… then wow… it would approach 90-100 million. That’s a lot.
Huhhuh. In practice, it means that additional investments must be made, if funding can be found somewhere. The uncertainty of funding is likely the reason why investment decisions have not been made. This does not look good, as the 10% interest rate previously used in this thread is no longer sufficient for this company. But it is also quite wild that a company worth €30m invests €60-70m and here small and simple (I’m only speaking for myself!) investors are trying to figure out the rationality of that investment. Either Lamor is withholding information or they have no idea about the project’s profitability. I’m not sure which option is the greater evil.
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No further investments should be made until we see whether the first line can be made operational and a marketable product comes out of the pipeline. It’s by no means a given that this would be the case. It’s clear that some product will be produced if the reactor can be heated up, but meeting the specifications is really not as simple as one might imagine. The statements of the lab person who appeared in the video were quite telling in their stark honesty.
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Lamor and Greenflow Delivered an Integrated Environmental Safety Solution to Mongla Port in Bangladesh
- Bangladesh’s first MARPOL-compliant waste reception and treatment facility is operational
Lamor and its strategic partner Greenflow have completed Bangladesh’s first Port Reception Facility (PRF) that meets international MARPOL requirements at Mongla Port. The completion of the facility finalizes the comprehensive solution delivered by Lamor and Greenflow, which significantly improves the port’s environmental safety. The project is a significant milestone in the protection of Bangladesh’s marine environment. An official inauguration ceremony is planned for the near future.
Comprehensive Environmental Safety Solution Improves Mongla Port’s Readiness
The integrated MARPOL solution delivered by Lamor and Greenflow includes, in addition to the reception facility, a waste collection vessel and two modern oil spill response vessels with equipment. In addition to the equipment, the delivery included commissioning support and personnel training. Together, these form a comprehensive package that streamlines waste management and elevates the port area’s environmental readiness to a new level.
The solution enables Mongla Port to receive, treat, and properly dispose of oily waste, wastewater, and solid waste as required by the MARPOL convention. The comprehensive package covers advanced reception and treatment systems, bio-treatment units, and an incineration plant for non-recyclable waste. The treated water meets European emission standards, which helps protect the Sundarbans mangrove area, a UNESCO World Heritage site located near the port.
A Model for Future MARPOL Projects in Growing Maritime Markets
The Mongla Port project, ordered in 2022, is valued at approximately 25 million euros. The project strengthens Mongla’s position as a regional pioneer in sustainable maritime transport and serves as a practical example for other future ports as they strive to meet MARPOL requirements.
Based on the experiences from the Mongla project, Lamor continues to develop MARPOL solutions globally in close cooperation with Greenflow. The company is currently conducting preliminary studies for similar projects in China and Kuwait.
Facts: Lamor and Greenflow’s Integrated MARPOL and Port Safety Solution
Lamor and Greenflow provide a comprehensive MARPOL and port safety solution that enables ports to develop responsible waste management and environmental readiness in accordance with current maritime requirements.
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Port Reception Facilities (PRF) for oily waste, sewage, and solid waste
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MARPOL waste collection vessels and land-based waste treatment systems
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Oil spill response vessels, equipment, and training
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System integration, project management, and commissioning
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Training of local operators and capacity building
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Continuous operational support and services
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December 9, 2025, Wang Hao, Chief Engineer of the Environmental Protection Center of the Ministry of Transport of China, signed a framework agreement on cooperation on behalf of the center’s director Li Tao with Rob James, Director of European and Asian Operations at Lamor Corporation Plc.
The agreement creates a framework for cooperation between Lamor and the Environmental Protection Center of the Ministry of Transport. The goal is to develop a standardized training material package in accordance with the guidelines of the International Maritime Organization’s (IMO) OPRC Convention on Oil Pollution Preparedness, Response and Co-operation. Standardized training cooperation will be used as a means to promote work related to the OPRC Convention. The common goal of the parties is for these materials to become a model in the coming years for training related to vessel pollution risks in China’s territorial waters, ports, and inland waterways.
The parties will work closely together to build a sustainable and mutually beneficial partnership. The aim is to protect China’s water areas by providing high-quality and standardized training on the theory and practice of oil spill response, thereby improving capabilities in all operations susceptible to pollution risk.
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Lamor has received an order to supply an advanced water treatment system to Syklon Oy. Syklon is currently building Finland’s largest mechanical plastics recycling plant in Hyvinkää, which utilizes a density-difference-based process for separating plastic fractions in its production.
Lamor’s delivery includes a complete turnkey water treatment process that enables the uninterrupted operation of Syklon’s plastic processing plant. The solution consists of the following sub-entities: chemical precipitation, automatic filtration, ceramic ultrafiltration process, activated carbon filtration, and reverse osmosis process.
The system, delivered in two lines, achieves a recycling volume of 10 m³/h per line, which significantly reduces the need for potable water in the recycling process. Syklon’s Zero Liquid Discharge (ZLD) process, utilizing a closed water loop, ensures that no wastewater is discharged into the sewer and simultaneously prevents microplastics from entering surrounding water bodies.
Previously, Lamor has supplied oily water treatment technology to the oil and gas sector, containerized ultrafiltration systems for drinking water production in Brazil, and reverse osmosis solutions to Norway for the fish farming industry.
The value of the order is over 1 million euros, and it has been recorded in Lamor’s order book in the fourth quarter of 2025. Deliveries are estimated to take place at the end of the first quarter of 2026.
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Here are Ate’s comments on Lamor’s recent order. 
Lamor announced on Wednesday that it had received an order to deliver a water treatment system to Syklon Oy. The order is valued at over EUR 1 million and has been recorded in the company’s order book for the last quarter of 2025. The news is relatively small in scale, but a strategically correct step as the company expands its water technology solutions to industrial applications. We do not see an immediate impact from the announcement on our forecasts.
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Yle has a story about Lamor’s facility and the company in general. Explains the entire business in detail!
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The construction work of Lamor’s concept plant for producing recycled oil from waste plastic in Kilpilahti, near Porvoo, has reached a new milestone as the mechanical installation of the process equipment was completed in December. The equipment approval authority (TÜV Rheinland) has carried out the required installation inspection, and functional tests of the process equipment are already well advanced.
The journey continues towards final regulatory inspections and production trial runs
Currently, final connections are being made at the Kilpilahti plant, and preparations are underway for the upcoming inspection by the Finnish Safety and Chemicals Agency (Tukes).
Following the Tukes inspection, the company will be ready to begin the plant’s production commissioning with actual recycled feed material. The production ramp-up is expected to begin during the first quarter of 2026, as previously announced.
The Kilpilahti plant is a central part of Lamor’s strategy to promote the circular economy and create continuous profitable revenue. The first production line, which is now being finalized, can process approximately 10,000 tonnes of plastic waste per year, and once at full scale, the plant will be able to recycle 40,000 tonnes of plastic waste with four production lines.
Lamor’s plastic reprocessing plant in Kilpilahti, Porvoo, is Finland’s first industrial-scale facility complex utilizing pyrolysis technology, where consumer plastic waste, such as food packaging, is converted into certified recycled oil. Lamor’s solution will reduce the need for imported fossil raw materials and raise the recycling rate to a new level: Once all four production lines are completed, the plant can process approximately 40,000 tonnes of plastic annually, which will easily raise Finland’s recycling rate above the EU’s 50% target. Currently, the level is only at about 30%.
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Here are Thomas’s comments regarding Lamor’s Kilpilahti project.
Lamor reported on Tuesday that the mechanical installation work for the process equipment at the company’s Kilpilahti circular economy plant was completed in December. The production ramp-up of the plant is expected to begin during the first quarter of 2026, which is in line with the company’s previous communication. The news is slightly positive, as it confirms that the commissioning of the plant is progressing as expected. The announcement has no impact on our forecasts. You can learn more about Lamor’s chemical plastic recycling plant by watching our recently filmed factory visit video.
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Lamor’s joint venture KAK‑Lamor has agreed with Kuwait Oil Company (KOC) to extend the current Kuwaiti soil remediation project by a maximum of 18 months. According to the new agreement, the project will continue until July 2027 at the latest. The extension of the agreement also slightly increases the total value of the contract.
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Quite a cryptic announcement. An 18-month extension is quite long, so how can it be only a small addition to the contract value? And there’s no insight into the impact of the extension period on revenue or profitability. No wonder there was barely any reaction in the share price. Would it be possible for Inderes to clarify the impact on the forecast?
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Here are Thomas’s comments regarding the recent press release on the extension of Lamor’s soil remediation project in Kuwait.
Lamor announced on Wednesday that its joint venture KAK-Lamor has agreed with Kuwait Oil Company (KOC) to continue the current soil remediation project. Under the agreement, the project will be extended by a maximum of 18 months and its scope will be slightly increased. The news is positive for Lamor, as the extension of the original contract demonstrates the client’s satisfaction with the cooperation with Lamor. The announcement has no immediate impact on our forecasts, but it slightly reduces the forecast risk for the coming years.
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The announcement was admittedly thin on details, but as I understand it, the company had to coordinate with the Kuwaiti Khalid Ali Al-Kharafi Bros on what information was shared, as it is a joint venture. My interpretation is that when something is reported via a press release and the term “slightly” is used, the direct impact remains quite limited on Lamor’s scale. I consider the signaling value more important: that an important reference, Kuwait Oil Company, is satisfied with the quality Lamor has delivered and the potential for additional business it may generate.
While the news around the plastic recycling plant seems to have given the stock some real momentum at the start of the year, in my opinion, Lamor’s traditional business plays a much more central role in the investment story for 2026–2027. Ramping up the plastic recycling business and making it profitable will require time and additional investments, which in turn requires cash flow from the traditional business that will carry the company’s earnings level for a long time to come.
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@Thomas_Westerholm How great a risk do you see that the cash flow from the traditional business will not be enough to cover the losses from the plastic plant’s ramp-up and the necessary investments for the plant’s commissioning? On the other hand, what is the risk that a willing financier cannot be found in the market to complete the plant?
And on the other hand, does the plastic processing plant concept have potential for wider global expansion? The Yle news report highlighted that Lamor was able to assemble such a facility from components and through partnership arrangements.
It seems that Lamor is very difficult even for a good analyst to unpack. That 2026 cash flow is absolutely critical for investors, but the lack of visibility makes investing impossible in my view. I think Lamor should openly disclose what the Kilpilahti ramp-up requires (€ + schedule), what the core business looks like, and what the plan is for the bond. The recycling business should also be reported as a separate segment. If the 2026 guidance follows previous years—a vague revenue forecast and EBIT margin, with nothing on cash flow, CAPEX, or the balance sheet—then it’s hard not to conclude that they are either hiding something or they just don’t know. In light of your cash flow/balance sheet forecasts, how does the refinancing of the bond, which is becoming acute, look?
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Indeed, the last paragraph of your comment is very important from the company’s perspective. Once the final three lines are built in Kilpilahti, it will be interesting to see whether the total investment remains under 100 million.
That is a significant amount and, as you noted, the other business operations will have to cover all the costs of that loan/investment for at least the next couple of years.
It’s saying a lot to talk about “when the last three lines are built.” I would first like to see the first line completed, commissioning done, and the facility permitted. Commissioning would, of course, first and foremost require that the facility actually has all the machinery and equipment needed for the process in place.
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You are right. However, I believe that is the ultimate goal. As for the timeline, we’ll see.