BMI Completes Purchase of Espanola Mill, Launches Bioveld North Inc. to Drive Energy and Bioeconomy Innovation

Press Release

ESPANOLA, ON, Oct. 20, 2025 – BMI Group, an award-winning company specializing in industrial site revitalization and sustainable development, has officially completed its purchase of the former Espanola pulp and paper mill. The site will operate as Bioveld North Inc., a complement to BMI’s Bioveld Niagara Energy Innovation and Enterprise Park, dedicated to advancing energy and bioeconomy innovation.

Since signing the asset purchase agreement in April 2025, BMI has received approvals from both the Ontario Energy Board (OEB) and the Independent Electricity System Operator (IESO).

The project will retain the existing employees currently operating the hydro dam through its energy subsidiary, Penstock Power LP. “The team’s continued presence, professionalism, and specialized expertise will help ensure the facility’s meaningful contribution to Ontario’s renewable energy supply” said Paul Veldman, CEO of BMI; “we are proud to welcome them.”

As part of its ongoing planning for the future of the site, BMI is actively engaged in discussions with Sagamok First Nation and Whitefish River First Nation and looking to engage other Indigenous communities in further conversations. “Our objective is to ensure that the redevelopment of the site aligns with our shared goals and contributes to sustainable, long-term benefits for the region,” stated Darrin Spence, Director of Indigenous Initiatives at BMI.

The project lands include the main mill site, surrounding lands, several dams, and a golf course covering a total of 8,823 acres. With such a significant footprint, BMI is working with the Town of Espanola to align redevelopment plans with local goals.

“The redevelopment of the mill site marks a new chapter for Espanola,” said Douglas Gervais, Mayor of the Town of Espanola. “We look forward to working together to attract investment, create jobs, and build a strong future for our town.”

Bioveld North will join BMI’s growing portfolio of revitalized industrial properties across Ontario and Quebec. Supported by Netherlands-based Business EQ Investments, the group is driving transformative growth across Canada.

Located near rich regional wood fibre resources, Bioveld North will build on the innovation of Bioveld Niagara to explore next-generation bio-based industries and energy opportunities rooted in the site’s embedded infrastructure and assets.

“Legacy infrastructure can be retooled for next-generation applications, and at Bioveld North, we see many opportunities to put wood back to work,” said Veldman, noting ongoing collaboration with CHAR Technologies and other bio-based partners.

With strong multimodal connectivity and a resilient industrial base, Bioveld North is set to become a cornerstone of sustainable industry in Northern Ontario.

About The BMI Group:

The BMI Group specializes in “ready-stating and re-futuring” strategic properties for high-impact, multi-use developments across industrial, commercial, residential, and hospitality sectors. With a focus on enhancing social and economic potential through multi-sector collaboration, BMI, in partnership with Business EQ, delivers new opportunities for investment, innovation, and community revitalization.

For more information, please visit: www.thebmigroup.ca

Media Contact: Olga Patronik, Executive Project Coordinator, BMI, olga@thebmigroup.ca, 1-888-264-4258; For site inquiries: Please contact Ryan Anderson, General Manager, at bioveldnorth@thebmigroup.ca

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