Ence Energia y Celulosa

What Ence Energia y Celulosa does

Ence Energía y Celulosa, S.A. is a Spanish publicly traded industrial company (ticker EEYCF on OTC Markets) that produces eucalyptus pulp and renewable energy through an integrated biofactory model. Founded in 1957 and headquartered in Madrid, ENCE operates two biofactories in Navia (Asturias) and Pontevedra (Galicia) that manufacture eucalyptus cellulose pulp alongside on-site renewable electricity from biomass residues, and runs seven biomass power plants across Spain through its wholly-owned Magnon Green Energy subsidiary. A third business vertical, Ence Biogas, converts organic waste into biogas. ENCE is also the largest private forest manager in Spain, supplying eucalyptus wood to its own biofactories and providing a secured upstream feedstock.

The company sells eucalyptus pulp (both commodity grades and the specialty Ence Advanced line tailored to customer specifications) directly to paper and packaging manufacturers, and sells renewable electricity to the Spanish grid and industrial energy buyers. Revenues are heavily exposed to global pulp prices (averaging $1,086/tonne in 2025 versus $1,236/tonne in 2024), which has compressed profitability and prompted an active strategic shift toward Special Pulp (BSKP) products, targeted at 40% of sales volume in 2026 and over 62% by 2028. Capital structure management includes a EUR 200 million MARF commercial paper program with sustainability-linked covenants, under which a EUR 85 million bond was issued in February 2026 to refinance all 2026 pulp-business debt maturities. The company employs between 1,001 and 5,000 people, is led by President and CEO Ignacio Colmenares, and is certified as a Great Place To Work, Top Employer, and EthiFinance 'Excellent' ESG-rated issuer.

Name

Ence Energia y Celulosa

Legal name

ENCE Energía y Celulosa, S.A.

Website

https://ence.es

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ence Energía y Celulosa is a publicly traded Spanish industrial company producing eucalyptus pulp at two biofactories and renewable energy through seven biomass power plants (Magnon) and a biogas business, serving paper manufacturers and energy buyers.

Ownership category

akta.pro rank

Product category

Eucalyptus Pulp and Renewable Energy

NAICS

Timber Tract Operations (11311), Support Activities for Forestry (1153), Forest Nurseries and Gathering of Forest Products (113210)

SIC

Forestry (800), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Reforestation & Afforestation Services (Planting, Site Prep, Regeneration) (IMAMAAAE)

akta.pro secondary industry

Forest Residues & Biomass Feedstock Management (Thinning, Slash, Collection) (IMAMAJAN)

Keywords

• Eucalyptus pulp production
• Biomass renewable energy
• Forest management services
• Biogas production
• Specialty cellulose products

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Pulp Production and Sales: ENCE operates two biofactories producing eucalyptus pulp for paper manufacturers. In 2025, pulp prices averaged $1,086/tonne. The company is executing a strategic shift toward Special Pulp (BSKP), which represented 30% of sales volume in 2025 with targets of nearly 40% in 2026 and over 62% by 2028.
2. Renewable Energy (Magnon): Through subsidiary Magnon Green Energy, ENCE generates renewable electricity from biomass at seven power plants in Spain (Huelva, Mérida, Ciudad Real, Puertollano, Jaén, Lucena-Córdoba). The energy is sold to the grid and industrial customers.
3. Biogas: ENCE Biogas operates projects converting organic waste into biogas, representing an emerging business line for the company.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ENCE Energía y Celulosa operates two biofactories in Navia (Asturias) and Pontevedra (Galicia) that produce eucalyptus pulp for paper manufacturers, and through its Magnon Green Energy subsidiary it generates renewable electricity from biomass at seven power plants across Spain. The company is Spain's largest private forest manager, supplies eucalyptus wood to its biofactories, and operates a biogas business (Ence Biogas) converting organic waste into biogas. ENCE is executing a strategic shift toward Special Pulp (BSKP), targeting more than 62% of sales volume by 2028.

Product overview

Ence Energía y Celulosa is a Spanish company operating across three main business segments: (1) Pulp/Celulosa business with two biofatories (Pontevedra and Navia) producing high-quality eucalyptus cellulose, including the specialized Ence Advanced product line; (2) Renewable Energy through its Magnon Green Energy subsidiary, operating six biomass energy facilities across Spain; and (3) Biogas business for organic waste management. The company also maintains significant forestry operations, being the largest private forest manager in Spain. Ence positions itself as a circular economy-focused company, manufacturing renewable and fully recyclable products while generating renewable energy.

Differentiator

Problem solved

Functional benefit

Brands

• Magnon Green Energy: Renewable energy subsidiary focused on biomass energy generation
• Ence Advanced
• Ence Biogas

Products and services

• Eucalyptus Pulp (Celulosa) Standard eucalyptus cellulose pulp sold to paper and paperboard manufacturers as a raw material input, produced at the Navia and Pontevedra biofactories in Spain.
• Ence Advanced Customized specialty eucalyptus pulp product line tailored to specific customer requirements for paper manufacturing, providing higher margins than commodity pulp.
• Magnon Green Energy (Biomass Renewable Electricity) Renewable electricity generated from biomass at seven power plants across Spain, sold to the grid and industrial energy customers; Spain's first producer of renewable energy from biomass.
• Ence Biogas Biogas produced from organic waste management, representing an emerging renewable energy business line for ENCE.
• Forestal (Forestry Management and Wood Supply) Sustainable forestry management and eucalyptus wood supply operations; ENCE is the largest private forest manager in Spain, supplying wood to its biofactories and offering responsible forestry practices to private forest owners.

Quantifiable outcome

• 30% of sales volume from Special Pulp in 2025, with targets of nearly 40% in 2026 and over 62% by 2028
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Suzano: World's largest eucalyptus pulp producer and a leading specialty pulp player. Comparable as a direct eucalyptus pulp competitor with integrated forestry operations and a mix-shift strategy toward specialty grades, though Suzano operates primarily in Brazil and at significantly greater scale.
• UPM-Kymmene: Global forest-products group with eucalyptus and other pulp lines plus renewable energy generation. Comparable as a diversified pulp/biomass-energy operator with vertical forest management, though UPM's scope across biofuels, label materials, and communication papers is much broader.
• Stora Enso: Nordic forest-products major producing market pulp, packaging, and biomaterials, with own biomass-based energy generation. Comparable on pulp production plus integrated renewable energy and forestry stewardship, but with a broader product portfolio.
• Mondi: European pulp and paper group with integrated forestry assets and growing focus on sustainable packaging. Comparable as a European pulp producer with vertically integrated fiber supply and circular-economy positioning.
• Sappi: Global pulp and paper producer with significant European operations and biomass-energy integration. Comparable as a European-headquartered pulp producer selling into paper/coating markets with integrated energy operations.
• Domtar (Paper Excellence): North American pulp and paper producer with forestlands and biomass-energy assets. Comparable as an integrated forest-to-pulp operator, though Domtar's product mix is more diversified into printing/writing and specialty papers.

Direct peers

• Mercer International: North American/European market pulp producer operating softwood and birch pulp mills plus biomass-energy cogeneration. Closely comparable as a pure-play market-pulp operator with integrated biomass-power generation, though Mercer is softwood-focused.
• ENCE competitor: Altri (now part of Altri SGPS): Portuguese pulp and renewable-energy producer with eucalyptus pulp operations and co-generation. Closely comparable as a regional Iberian eucalyptus pulp competitor with integrated biomass energy.

Regional players

• Acciona Energía: Spanish renewable-energy independent power producer with biomass and other renewable assets. Comparable as a Spanish renewable-energy operator competing in the same biomass/grid off-take market as ENCE's Magnon subsidiary.
• Iberdrola Renovables: Spanish-headquartered global renewables operator that competes with Magnon for Spanish renewable-energy off-take and grid-supply contracts, though Iberdrola's portfolio is dominated by wind and solar rather than biomass.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/grupo_ence
• LinkedInlinkedin.com/company/grupo-empresarial-ence

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ence Energia y Celulosa