Emerging Business Models of Nordic Biochar Producers: A Sustainable Business Model Typology

Esko Salo; Malahat Ghoreishi; Jyrki Raitila; Mikko Jalas; Annu Markkula; Annukka Näyhä

doi:10.55845/joce-2026-41335

Authors

Esko Salo VTT Technical Research Centre of Finland & School of Business and Economics, University of Jyväskylä Author
Malahat Ghoreishi Faculty of Technology, LAB University of Applied Sciences & LUT Business School, LUT University Author
Jyrki Raitila VTT Technical Research Centre of Finland Author
Mikko Jalas Department of Design, Aalto University School of Arts, Design and Architecture Author
Annu Markkula VTT Technical Research Centre of Finland Author
Annukka Näyhä School of Business and Economics, University of Jyväskylä Author

DOI:

https://doi.org/10.55845/joce-2026-41335

Keywords:

Sustainable Business Models, Sustainable Value, Biochar, Biocarbon, Multiple Case Study, Business Model Typologies, Carbon Removal, Emission Reductions

Abstract

Biochar production is gaining momentum not only as a climate change mitigation and carbon-removal solution but also as an emerging industrial sector with growing commercial potential. Although biochar production in the Nordic countries is expanding, research on biochar business models and their sustainability characteristics remains limited. This study examines emerging biochar business models in the Nordic region and develops a typology of sustainable business models based on a value analysis framework. The study employs an exploratory, qualitative, multiple-case study approach, using semi-structured interviews with 10 biochar producers in Finland, Sweden, and Denmark, conducted between December 2024 and February 2025. The analysis identifies six sustainable biochar business model types: biochar products, waste-to-resource, partnership, carbon removal, service-based, and technology commercialization models. The findings show that producers simultaneously combine multiple sustainable business model configurations. In contrast, the future development of biochar business models is influenced by policy frameworks, carbon pricing, feedstock availability, and technological maturity.

References

Al-Rumaihi, A., Shahbaz, M., McKay, G., Mackey, H., & Al-Ansari, T. (2022). A review of pyrolysis technologies and feedstock: A blending approach for plastic and biomass towards optimum biochar yield. Renewable and Sustainable Energy Reviews, 167, 112715. https://doi.org/10.1016/j.rser.2022.112715 DOI: https://doi.org/10.1016/j.rser.2022.112715

Baldassarre, B., Calabretta, G., Bocken, N. M. P., & Jaskiewicz, T. (2017). Bridging sustainable business model innovation and user-driven innovation: A process for sustainable value proposition design. Journal of Cleaner Production, 147, 175–186. https://doi.org/10.1016/j.jclepro.2017.01.081 DOI: https://doi.org/10.1016/j.jclepro.2017.01.081

Bocken, N. M. P., de Pauw, I., Bakker, C., & van der Grinten, B. (2016). Product design and business model strategies for a circular economy. Journal of Industrial and Production Engineering, 33(5), 308–320. https://doi.org/10.1080/21681015.2016.1172124 DOI: https://doi.org/10.1080/21681015.2016.1172124

Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65, 42–56. https://doi.org/10.1016/j.jclepro.2013.11.039 DOI: https://doi.org/10.1016/j.jclepro.2013.11.039

Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner Production, 45, 9–19. https://doi.org/10.1016/j.jclepro.2012.07.007 DOI: https://doi.org/10.1016/j.jclepro.2012.07.007

Bowman, C., & Ambrosini, V. (2000). Value creation versus value capture: Towards a coherent definition of value in strategy. British Journal of Management, 11(1), 1–15. https://doi.org/10.1111/1467-8551.00147 DOI: https://doi.org/10.1111/1467-8551.00147

Brunner, M., Gundolf, K., & Guieu, G. (2025). From a conventional to a sustainable business model - a review of transformation actions and indicators. Cleaner Logistics and Supply Chain, 16, 100258. https://doi.org/10.1016/j.clscn.2025.100258 DOI: https://doi.org/10.1016/j.clscn.2025.100258

Bröring, S., & Vanacker, A. (2022). Designing business models for the bioeconomy: What are the major challenges? EFB Bioeconomy Journal, 2, 100032. https://doi.org/10.1016/j.bioeco.2022.100032 DOI: https://doi.org/10.1016/j.bioeco.2022.100032

Campion, L., Bekchanova, M., Malina, R., & Kuppens, T. (2023). The costs and benefits of biochar production and use: A systematic review. Journal of Cleaner Production, 408, 137138. https://doi.org/10.1016/j.jclepro.2023.137138 DOI: https://doi.org/10.1016/j.jclepro.2023.137138

Chesbrough, H. (2010). Business model innovation: Opportunities and barriers. Long Range Planning, 43(2), 354–363. https://doi.org/10.1016/j.lrp.2009.07.010 DOI: https://doi.org/10.1016/j.lrp.2009.07.010

Cosenz, F., Rodrigues, V. P., & Rosati, F. (2020). Dynamic business modeling for sustainability: Exploring a system dynamics perspective to develop sustainable business models. Business Strategy and the Environment, 29(2), 651–664. https://doi.org/10.1002/bse.2395 DOI: https://doi.org/10.1002/bse.2395

Crombie, K., & Mašek, O. (2015). Pyrolysis biochar systems, balance between bioenergy and carbon sequestration. Global Change Biology Bioenergy, 7(2), 349–361. https://doi.org/10.1111/gcbb.12137 DOI: https://doi.org/10.1111/gcbb.12137

D'Amato, D., Veijonaho, S., & Toppinen, A. (2020). Towards sustainability? Forest-based circular bioeconomy business models in Finnish SMEs. Forest Policy and Economics, 110, 101848. https://doi.org/10.1016/j.forpol.2018.12.004 DOI: https://doi.org/10.1016/j.forpol.2018.12.004

Dentoni, D., Pinkse, J., & Lubberink, R. (2021). Linking sustainable business models to socio-ecological resilience through cross-sector partnerships: A complex adaptive systems view. Business & Society, 60(5), 1216–1252. https://doi.org/10.1177/0007650320935015 DOI: https://doi.org/10.1177/0007650320935015

Ellen MacArthur Foundation. (2013). Towards the circular economy: economic and business rationale for an accelerated transition. E. M. Foundation. https://ellenmacarthurfoundation.org/towards-the-circular-economy-vol-1-an-economic-and-business-rationale-for-an

Evans, S., Vladimirova, D., Holgado, M., Van Fossen, K., Yang, M., Silva, E. A., & Barlow, C. Y. (2017). Business model innovation for sustainability: Towards a unified perspective for creation of sustainable business models. Business Strategy and the Environment, 26(5), 597–608. https://doi.org/10.1002/bse.1939 DOI: https://doi.org/10.1002/bse.1939

Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: How far have we come, and where should we go? Journal of Management, 43(1), 200–227. https://doi.org/10.1177/0149206316675927 DOI: https://doi.org/10.1177/0149206316675927

Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166(1), 3–18. https://doi.org/10.1007/s10551-019-04112-z DOI: https://doi.org/10.1007/s10551-019-04112-z

Fuss, S., Lamb, W. F., Callaghan, M. W., Hilaire, J., Creutzig, F., Amann, T., Beringer, T., de Oliveira Garcia, W., Hartmann, J., Khanna, T., Luderer, G., Nemet, G. F., Rogelj, J., Smith, P., Vicente, J. L. V., Wilcox, J., del Mar Zamora Dominguez, M., & Minx, J. C. (2018). Negative emissions—Part 2: Costs, potentials and side effects. Environmental Research Letters, 13(6), 063002. https://doi.org/10.1088/1748-9326/aabf9f DOI: https://doi.org/10.1088/1748-9326/aabf9f

Gatto, F., & Re, I. (2021). Circular bioeconomy business models to overcome the valley of death. A systematic statistical analysis of studies and projects in emerging bio-based technologies and trends linked to the SME instrument support. Sustainability, 13(4), 1899. https://www.mdpi.com/2071-1050/13/4/1899 DOI: https://doi.org/10.3390/su13041899

Geissdoerfer, M., Pieroni, M. P. P., Pigosso, D. C. A., & Soufani, K. (2020). Circular business models: A review. Journal of Cleaner Production, 277, 123741. https://doi.org/10.1016/j.jclepro.2020.123741 DOI: https://doi.org/10.1016/j.jclepro.2020.123741

Geissdoerfer, M., Savaget, P., Bocken, N. M. P., & Hultink, E. J. (2017). The circular economy - A new sustainability paradigm? Journal of Cleaner Production, 143, 757–768. https://doi.org/10.1016/j.jclepro.2016.12.048 DOI: https://doi.org/10.1016/j.jclepro.2016.12.048

Geissdoerfer, M., Vladimirova, D., & Evans, S. (2018). Sustainable business model innovation: A review. Journal of Cleaner Production, 198, 401–416. https://doi.org/10.1016/j.jclepro.2018.06.240 DOI: https://doi.org/10.1016/j.jclepro.2018.06.240

Haq, H., Valisuo, P., Kumpulainen, L., & Tuomi, V. (2020). An economic study of combined heat and power plants in district heat production. Cleaner Engineering and Technology, 1, 100018. https://doi.org/10.1016/j.clet.2020.100018 DOI: https://doi.org/10.1016/j.clet.2020.100018

Haeldermans, T., Campion, L., Kuppens, T., Vanreppelen, K., Cuypers, A., & Schreurs, S. (2020). A comparative techno-economic assessment of biochar production from different residue streams using conventional and microwave pyrolysis. Bioresource Technology, 318, 124083. https://doi.org/10.1016/j.biortech.2020.124083 DOI: https://doi.org/10.1016/j.biortech.2020.124083

Hakovirta, M., Kovanen, K., Martikainen, S., Manninen, J., & Harlin, A. (2023). Corporate net zero strategy—Opportunities in start-up driven climate innovation. Business Strategy and the Environment, 32(6), 3139–3150. https://doi.org/10.1002/bse.3291 DOI: https://doi.org/10.1002/bse.3291

IPCC. (2022). Climate Change 2022: Mitigation of climate change. Contribution of working group III to the sixth assessment report of the intergovernmental panel on climate change. Cambridge University Press.

Islam, M. T., Khan, M. I., & Ali, A. (2025). Circular business models: A state-of-the-art systematic literature review and future opportunities. Sustainable Futures, 10, 101097. https://doi.org/10.1016/j.sftr.2025.101097 DOI: https://doi.org/10.1016/j.sftr.2025.101097

Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474–1486. https://doi.org/10.1016/j.jclepro.2016.06.067 DOI: https://doi.org/10.1016/j.jclepro.2016.06.067

Kirchherr, J., Reike, D., & Hekkert, M. (2017). Conceptualizing the circular economy: An analysis of 114 definitions. Resources, Conservation and Recycling, 127, 221–232. https://doi.org/10.1016/j.resconrec.2017.09.005 DOI: https://doi.org/10.1016/j.resconrec.2017.09.005

Kivijakola, J., Erkheikki, E., Lukka, V., Tervonen, P., & Haapasalo, H. (2025). A sustainable business ecosystem: a case study demonstrating biochar's potential. Biofuels, Bioproducts and Biorefining. https://doi.org/10.1002/bbb.70007 DOI: https://doi.org/10.1002/bbb.70007

Kristensen, H. S., & Remmen, A. (2019). A framework for sustainable value propositions in product-service systems. Journal of Cleaner Production, 223, 25–35. https://doi.org/10.1016/j.jclepro.2019.03.074 DOI: https://doi.org/10.1016/j.jclepro.2019.03.074

Kvale, S., & Brinkmann, S. (2009). InterViews: Learning the craft of qualitative research interviewing (2nd ed.). Sage Publications.

Lambert, S. (2015). The importance of classification to business model research. J. Bus. Models 3 (1), 49–61. https://doi.org/10.5278/ojs.jbm.v3i1.1045

Laukkanen, M., & Tura, N. (2020). The potential of sharing economy business models for sustainable value creation. Journal of Cleaner Production, 253, 120004. https://doi.org/10.1016/j.jclepro.2020.120004 DOI: https://doi.org/10.1016/j.jclepro.2020.120004

Laukkanen, M., & Tura, N. (2022). Sustainable value propositions and customer perceived value: Clothing library case. Journal of Cleaner Production, 378, 134321. https://doi.org/10.1016/j.jclepro.2022.134321 DOI: https://doi.org/10.1016/j.jclepro.2022.134321

Lefebvre, D., Fawzy, S., Aquije, C. A., Osman, A. I., Draper, K. T., & Trabold, T. A. (2023). Biomass residue to carbon dioxide removal: quantifying the global impact of biochar. Biochar, 5(1), 65. https://doi.org/10.1007/s42773-023-00258-2 DOI: https://doi.org/10.1007/s42773-023-00258-2

Lehmann, J., & Joseph, S. (2015). Biochar for environmental management: science, technology and implementation (Second edition). Routledge, Taylor & Francis Group. DOI: https://doi.org/10.4324/9780203762264

Lewandowski, M. (2016). Designing the business models for circular economy—Towards the conceptual framework. Sustainability, 8(1), 43. https://doi.org/10.3390/su8010043 DOI: https://doi.org/10.3390/su8010043

Lim, W. M. (2025). What is qualitative research? An overview and guidelines. Australasian Marketing Journal, 33(2), 199–229. https://doi.org/10.1177/14413582241264619 DOI: https://doi.org/10.1177/14413582241264619

Lozano, R. (2018). Sustainable business models: Providing a more holistic perspective. Business Strategy and the Environment, 27(8), 1159–1166. https://doi.org/10.1002/bse.2059 DOI: https://doi.org/10.1002/bse.2059

Lüdeke-Freund, F., Carroux, S., Joyce, A., Massa, L., & Breuer, H. (2018). The sustainable business model pattern taxonomy—45 patterns to support sustainability-oriented business model innovation. Sustainable Production and Consumption, 15, 145–162. https://doi.org/10.1016/j.spc.2018.06.004 DOI: https://doi.org/10.1016/j.spc.2018.06.004

Lüdeke-Freund, F., & Dembek, K. (2017). Sustainable business model research and practice: Emerging field or passing fancy? Journal of Cleaner Production, 168, 1668–1678. https://doi.org/10.1016/j.jclepro.2017.08.093 DOI: https://doi.org/10.1016/j.jclepro.2017.08.093

Lüdeke-Freund, F., Froese, T., Dembek, K., Rosati, F., & Massa, L. (2024). What makes a business model sustainable? Activities, design themes, and value functions. Organization & Environment, 37(2), 194–220. https://doi.org/10.1177/10860266241235212 DOI: https://doi.org/10.1177/10860266241235212

Lüdeke-Freund, F., Gold, S., & Bocken, N. M. P. (2019). A review and typology of circular economy business model patterns. Journal of Industrial Ecology, 23(1), 36–61. https://doi.org/10.1111/jiec.12763 DOI: https://doi.org/10.1111/jiec.12763

Markard, J., Raven, R., & Truffer, B. (2012). Sustainability transitions: An emerging field of research and its prospects. Research Policy, 41(6), 955–967. https://doi.org/10.1016/j.respol.2012.02.013 DOI: https://doi.org/10.1016/j.respol.2012.02.013

Maxwell, J. A. (2021). The importance of qualitative research for investigating causation. Qualitative Psychology, 8(3), 378–388. https://doi.org/10.1037/qup0000219 DOI: https://doi.org/10.1037/qup0000219

Massa, L., Tucci, C. L., & Afuah, A. (2017). A Critical Assessment of business model research. Academy of Management Annals, 11(1), 73–104. https://doi.org/10.5465/annals.2014.0072 DOI: https://doi.org/10.5465/annals.2014.0072

Méndez-León, E., Reyes-Carrillo, T., & Díaz-Pichardo, R. (2022). Towards a holistic framework for sustainable value analysis in business models: A tool for sustainable development. Business Strategy and the Environment, 31(1), 15–31. https://doi.org/10.1002/bse.2871 DOI: https://doi.org/10.1002/bse.2871

Mesa, J. A., Sierra-Fontalvo, L., Ortegon, K., & Gonzalez-Quiroga, A. (2024). Advancing circular bioeconomy: A critical review and assessment of indicators. Sustainable Production and Consumption, 46, 324–342. https://doi.org/10.1016/j.spc.2024.03.006 DOI: https://doi.org/10.1016/j.spc.2024.03.006

Mohammed, S., Fatumah, N., Abasi, K., Olupot, M., Egesa, M., Rubhara, T., Augustyniak, A., O'Connor, T., Tsolakis, N., Gaffey, J., McMahon, H., & Anastasiadis, F. (2024). Co-designing sustainable biochar business models with sub-Saharan African communities for inclusive socio-economic transformation. Sci Rep, 14(1), 15802. https://doi.org/10.1038/s41598-024-66120-y DOI: https://doi.org/10.1038/s41598-024-66120-y

Morim, A. C., Madaleno, M., Tarelho, L. A. C., & Silva, F. C. (2025). Financial feasibility of biochar production: A comparative analysis of business scenarios. Journal of Cleaner Production, 536, 147167. https://doi.org/10.1016/j.jclepro.2025.147167 DOI: https://doi.org/10.1016/j.jclepro.2025.147167

Nidheesh, P. V., Kumar, M., Venkateshwaran, G., Ambika, S., Bhaskar, S., Vinay, & Ghosh, P. (2024). Conversion of locally available materials to biochar and activated carbon for drinking water treatment. Chemosphere, 353, 141566. https://doi.org/10.1016/j.chemosphere.2024.141566 DOI: https://doi.org/10.1016/j.chemosphere.2024.141566

Orlowski, M., Bluhm, H., & Hirschl, B. (2026). Biochar carbon removal with energy co-production - Present and future business models. Biomass and Bioenergy, 214, 109346. https://doi.org/10.1016/j.biombioe.2026.109346 DOI: https://doi.org/10.1016/j.biombioe.2026.109346

Patala, S., Jalkala, A., Keränen, J., Väisänen, S., Tuominen, V., & Soukka, R. (2016). Sustainable value propositions: Framework and implications for technology suppliers. Industrial Marketing Management, 59, 144–156. https://doi.org/10.1016/j.indmarman.2016.03.001 DOI: https://doi.org/10.1016/j.indmarman.2016.03.001

Pedersen, E. R. G., Lüdeke-Freund, F., Henriques, I., & Seitanidi, M. M. (2021). Toward collaborative cross-sector business models for sustainability. Business & Society, 60(5), 1039–1058. https://doi.org/10.1177/0007650320959027 DOI: https://doi.org/10.1177/0007650320959027

Qin, F., Li, J., Zhang, C., Zeng, G., Huang, D., Tan, X., Qin, D., & Tan, H. (2022). Biochar in the 21st century: A data-driven visualization of collaboration, frontier identification, and future trend. Science of the Total Environment, 818, 151774. https://doi.org/10.1016/j.scitotenv.2021.151774 DOI: https://doi.org/10.1016/j.scitotenv.2021.151774

Raffeld, A. M., Lavallee, J. M., Gordon, D. R., & Oldfield, E. E. (2025). Comparison of biochar carbon market protocols. Environmental Defense Fund, New York, New York. https://www.edf.org/comparison-biochar-carbon-market-protocols

Ravenni, G., Thomsen, T. P., Smith, A. M., Ambye-Jensen, M., Rohde-Nielsen, K. T., & Henriksen, U. B. (2024). Integration of a drying and pyrolysis system in a green biorefinery: Biochar product quality and impacts on the overall energy balance and climate footprint. Biomass Conversion and Biorefinery, 14(20), 25143–25159. https://doi.org/10.1007/s13399-023-04877-4 DOI: https://doi.org/10.1007/s13399-023-04877-4

Ritala, P., Huotari, P., Bocken, N., Albareda, L., & Puumalainen, K. (2018). Sustainable business model adoption among S&P 500 firms: A longitudinal content analysis study. Journal of Cleaner Production, 170, 216–226. https://doi.org/10.1016/j.jclepro.2017.09.159 DOI: https://doi.org/10.1016/j.jclepro.2017.09.159

Ritala, P., Albareda, L., & Bocken, N. (2021). Value creation and appropriation in economic, social, and environmental domains: Recognizing and resolving the institutionalized asymmetries. Journal of Cleaner Production, 290, 125796. https://doi.org/10.1016/j.jclepro.2021.125796 DOI: https://doi.org/10.1016/j.jclepro.2021.125796

Sairanen, M., & Aarikka-Stenroos, L. (2024). Low-carbon business models: Review and typology. Industrial Marketing Management, 123, 222–250. https://doi.org/10.1016/j.indmarman.2024.10.001 DOI: https://doi.org/10.1016/j.indmarman.2024.10.001

Salo, E., Weber, K., Hagner, M., & Näyhä, A. (2024). Nordic perspectives on the emerging biochar business. Journal of Cleaner Production, 143660. https://doi.org/10.1016/j.jclepro.2024.143660 DOI: https://doi.org/10.1016/j.jclepro.2024.143660

Sarker, T. R., Ethen, D. Z., & Nanda, S. (2024). Decarbonization of metallurgy and steelmaking industries using biochar: A review. Chemical Engineering & Technology, 47(12), e202400217. https://doi.org/10.1002/ceat.202400217 DOI: https://doi.org/10.1002/ceat.202400217

Schaltegger, S., Hansen, E. G., & Lüdeke-Freund, F. (2016). Business models for sustainability: Origins, present research, and future avenues. Organization & Environment, 29(1), 3–10. https://doi.org/10.1177/1086026615599806 DOI: https://doi.org/10.1177/1086026615599806

Schmidt, H.-P., Anca-Couce, A., Hagemann, N., Werner, C., Gerten, D., Lucht, W., & Kammann, C. (2019). Pyrogenic carbon capture and storage. Global Change Biology Bioenergy, 11(4), 573–591. https://doi.org/10.1111/gcbb.12553 DOI: https://doi.org/10.1111/gcbb.12553

Schneider, L., & La Hoz Theuer, S. (2019). Environmental integrity of international carbon market mechanisms under the Paris Agreement. Climate Policy, 19(3), 386–400. https://doi.org/10.1080/14693062.2018.1521332 DOI: https://doi.org/10.1080/14693062.2018.1521332

Senadheera, S. S., Withana, P. A., You, S., Tsang, D. C. W., Hwang, S. Y., & Ok, Y. S. (2025). Sustainable biochar: Market development and commercialization to achieve ESG goals. Renewable and Sustainable Energy Reviews, 217, 115744. https://doi.org/10.1016/j.rser.2025.115744 DOI: https://doi.org/10.1016/j.rser.2025.115744

Shackley, S., Hammond, J., Gaunt, J., & Ibarrola, R. (2011). The feasibility and costs of biochar deployment in the UK. Carbon Management, 2(3), 335–356. https://doi.org/10.4155/cmt.11.22 DOI: https://doi.org/10.4155/cmt.11.22

Soni, B., & Karmee, S. K. (2020). Towards a continuous pilot scale pyrolysis based biorefinery for production of biooil and biochar from sawdust. Fuel, 271, 117570. https://doi.org/10.1016/j.fuel.2020.117570 DOI: https://doi.org/10.1016/j.fuel.2020.117570

Suopajärvi, H., Kemppainen, A., Haapakangas, J., & Fabritius, T. (2017). Extensive review of the opportunities to use biomass-based fuels in iron and steelmaking processes. Journal of Cleaner Production, 148, 709–734. https://doi.org/10.1016/j.jclepro.2017.02.029 DOI: https://doi.org/10.1016/j.jclepro.2017.02.029

Svensson, G., Høgevold, N., Ferro, C., Varela, J. C. S., Padin, C., & Wagner, B. (2016). A triple bottom line dominant logic for business sustainability: Framework and empirical findings. Journal of Business-to-Business Marketing, 23(2), 153–188. https://doi.org/10.1080/1051712X.2016.1169119 DOI: https://doi.org/10.1080/1051712X.2016.1169119

Talvitie, Y. (1924). Puun hiilto ja hartsin valmistus. Otava.

Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49. https://doi.org/10.1016/j.lrp.2017.06.007 DOI: https://doi.org/10.1016/j.lrp.2017.06.007

Thengane, S. K., Kung, K., Hunt, J., Gilani, H. R., Lim, C. J., Sokhansanj, S., & Sanchez, D. L. (2021). Market prospects for biochar production and application in California. Biofuels, Bioproducts and Biorefining, 15(6), 1802-1819. https://doi.org/10.1002/bbb.2280 DOI: https://doi.org/10.1002/bbb.2280

Torres-Morales, E., Khatiwada, D., Xylia, M., & Johnson, F. X. (2023). Investigating biochar as a net-negative emissions strategy in Colombia: Potentials, costs, and barriers. Current Research in Environmental Sustainability, 6, 100229. https://doi.org/10.1016/j.crsust.2023.100229 DOI: https://doi.org/10.1016/j.crsust.2023.100229

Trapero, J. R., Alcazar-Ruiz, A., Dorado, F., & Sanchez-Silva, L. (2025). Biochar price forecasting: A novel methodology for enhancing market stability and economic viability. Journal of Environmental Management, 377, 124681. https://doi.org/10.1016/j.jenvman.2025.124681 DOI: https://doi.org/10.1016/j.jenvman.2025.124681

Tukker, A. (2015). Product services for a resource-efficient and circular economy - a review. Journal of Cleaner Production, 97, 76–91. https://doi.org/10.1016/j.jclepro.2013.11.049 DOI: https://doi.org/10.1016/j.jclepro.2013.11.049

Uotila, K., Vikki, K., Uusitalo, M., Rasa, K., Leinonen, I., & Hagner, M. (2025). Mobile-manufactured biochar in mine closure, costly yet carbon-negative - A techno-economic and life cycle assessment of growing media value chains. Cleaner and Circular Bioeconomy, 12, 100173. https://doi.org/10.1016/j.clcb.2025.100173 DOI: https://doi.org/10.1016/j.clcb.2025.100173

Valmari, J., & Wainio, W. (1913). Puun hiilto [Wood carbonization] (2nd expanded ed.). Suomen Metsähoitoyhdistys Tapion käsikirjasia No. 4. J. Simelius’en perillisten kirjapainoyhtiö Osakeyhtiö.

Wainstein, M. E., & Bumpus, A. G. (2016). Business models as drivers of the low carbon power system transition: a multi-level perspective. Journal of Cleaner Production, 126, 572–585. https://doi.org/10.1016/j.jclepro.2016.02.095 DOI: https://doi.org/10.1016/j.jclepro.2016.02.095

Weber, K., & Quicker, P. (2018). Properties of biochar. Fuel, 217, 240–261. https://doi.org/10.1016/j.fuel.2017.12.054 DOI: https://doi.org/10.1016/j.fuel.2017.12.054

Woolf, D., Amonette, J. E., Street-Perrott, F. A., Lehmann, J., & Joseph, S. (2010). Sustainable biochar to mitigate global climate change. Nature Communications, 1(1), 56. https://doi.org/10.1038/ncomms1053 DOI: https://doi.org/10.1038/ncomms1053

Yin, R. K. (2018). Case study research and applications (6th ed.). Thousand Oaks: SAGE Publications.

Zucchella, A., & Previtali, P. (2019). Circular business models for sustainable development: A “waste is food” restorative ecosystem. Business Strategy and the Environment, 28(2), 274–285. https://doi.org/10.1002/bse.2216 DOI: https://doi.org/10.1002/bse.2216