AS Graanul Invest (“Graanul” or the “Company”), Europe’s largest producer of sustainable wood pellets used for electricity and heat production, today announces energy industry veteran Lars Christian Bacher will be joining the business as Chief Executive Officer, effective 18 May. Bacher will drive the Company’s growth across Europe as Graanul doubles down on its strategy to provide its customers with sustainable fuel to enable the production of renewable, dispatchable power and heat. Outgoing Chief Executive Nicholas Dottino will support Bacher with his transition to his new role as an advisor to Apollo on infrastructure and energy investments.

Bacher joins Graanul having previously worked at Norwegian multinational energy company Equinor as a member of the Executive Committee for over eight years, including two years as Chief Financial Officer, where he had responsibility for managing financial operations and strategic planning. Prior to this, he was executive Vice President, Development and Production International (DPI), for Statoil ASA, where his responsibilities included production, operating and capital expenditure, geographic expansion, culture building and safety and security. Most recently Bacher served as Chief Executive Officer at Morrow Batteries from 2022-2025.

Chair of Graanul’s Supervisory Board and Apollo Partner, Brad Fierstein, commented: “We are delighted to welcome an energy industry leader of Lars Christian’s caliber to Graanul at an exciting time as the company looks to accelerate its growth trajectory, while continuing to play an essential role in the European energy industry. I would also like to take this opportunity to sincerely thank Nicholas for his many accomplishments and contributions to Graanul since joining the business.”

Incoming Graanul Invest CEO Lars Christian Bacher, added: “I am thrilled to be joining Graanul, a business that is playing an integral role supporting European energy security, at an important moment for the continent. I look forward to working alongside our talented leadership team as we continue to serve our customers, leading utilities across the continent, and engaging our teams in our production facilities across the Baltics and US”.

Notes to Editors

About Graanul Invest

Graanul is the largest sustainable wood-pellet manufacturer in Europe, focusing primarily on the European pellet market. The wood pellets produced are low-carbon alternative fossil fuels that are used for renewable power generation, commercial and residential heating, as well as combined heating and power applications. Graanul operates across Estonia, Latvia, Lithuania and the United States.

About Lars Christian Bacher

Lars Christian Bacher brings nearly three decades of experience in the global energy sector, including investing across the European energy industry. He started his career at Equinor, rising through a series of senior positions to Chief Financial Officer. Prior to this, he was executive Vice President, Development and Production International (DPI), for Statoil ASA, having spent over 25 years with the company. During his tenure as CEO of Morrow Batteries, a European lithium-ion battery manufacturer, he oversaw the company’s scale up, secured funding from Innovation Norway, and raised new equity to guide Morrow through an intensive phase of construction, research and development. He holds a Master of Science in Chemical Engineering from the Norwegian School of Technology and a Master of Finance from the Norwegian School of Economics.

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