FORTES Receives €696K Loan for Biomass Cogeneration Expansion in Japan & Ukraine

Latvian firm Fortes has secured a €696,000 loan from the Regional Investment Bank (RIB) to fuel its expansion, including refinancing existing financial obligations and bolstering working capital.

Fortes is a technology company specializing in the construction of biomass cogeneration plants utilizing wood gasification technology. The company has been operating for over a decade and currently implements projects across Europe and internationally, including a growing presence in Japan.

The financing from RIB enabled Fortes to commission two new cogeneration facilities this fall – one in Ukraine and another in Japan, demonstrating the company’s ability to deliver projects in challenging geopolitical environments.

“Our biomass cogeneration plants are equipped with innovative wood gasification technologies that convert solid biomass into syngas, which is then used to generate electricity and heat,” explained Fortes CEO Armands Zemītis. “These stations can also operate autonomously, automatically switching to independent operation in the event of power outages or grid failures, ensuring a continuous supply of electricity and heat. This is particularly crucial in Ukraine, given the frequent disruptions to the power grid.”

Japan is currently Fortes’ primary market, with several biomass cogeneration facilities already delivered and installed. A significant milestone for the company was the signing of a cooperation agreement in May 2025, during the Osaka EXPO, with Ichigo ECO Energy for the construction of five biomass cogeneration plants in Japan. The first of these stations was successfully completed in November of this year. Fortes will also provide training and support for the maintenance and operation of the stations for the next 20 years.

Operating in the Japanese market requires meticulous preparation, as clients conduct thorough due diligence and demand a high level of detail in project implementation. The challenging, mountainous terrain of Japan also presents logistical hurdles for equipment placement. To address these complexities, Fortes offers a full-cycle service – from project development and planning to the complete manufacturing and installation of the technological line. All equipment manufacturing takes place in Latvia.

“We are truly proud that Latvian companies are investing in technology, developing innovative solutions, and, largely thanks to that, are able to compete in the global market, exporting their goods and services even to a country like Japan,” said Aleksandrs Jakovļevs, Chairman of the Board of RIB. “RIB’s goal remains unchanged – we are ready to offer individual solutions to every Latvian company looking to expand its operations, including exporting, and investing in future growth, creating modern, innovative, and sustainable products, technologies, or services.”