BMI Group, through its subsidiary Bioveld North Inc., announced in April 4, 2025 that it had entered into an agreement to acquire the historic Espanola pulp and paper mill from Domtar. The transaction included the mill, a 16-megawatt hydropower plant, several dams, and a total of 8,823 acres of land. The deal was subject to customary regulatory approvals, during which Domtar retained ownership.

The acquisition officially closed in October 20, 2025, following approvals from the Ontario Energy Board and the Independent Electricity System Operator. The site will now operate as Bioveld North Inc., complementing BMI’s Bioveld Niagara Energy Innovation and Enterprise Park and focusing on advancing energy and bioeconomy innovation.

BMI has retained the existing employees operating the hydro dam through its energy subsidiary, Penstock Power LP. The company is also actively engaging with Sagamok First Nation, Whitefish River First Nation, and other Indigenous communities to ensure the redevelopment aligns with shared regional goals. Collaboration with the Town of Espanola is underway to attract investment and create jobs.

Supported by Netherlands-based Business EQ Investments, BMI aims to transform Bioveld North into a cornerstone of sustainable industry in Northern Ontario, leveraging the site’s legacy infrastructure and regional wood fibre resources for next-generation bio-based industries.