AS Estonian Cell is a aspen pulp mill which is located in Kunda, Estonia. The production started in April, 2006. Total project cost is 2,4 billion Estonian kroons and thus is the second largest foreign investment into Estonian industry. Owners of AS Estonian Cell are the Heinzel Group from Austria (49% of the shares), EMACS Privatstiftung from Austria (18% of the shares) and European Bank for Reconstruction and Development (EBRD) (33% of the shares).