Finland is set to reach an investment decision on a 120MW electrolyser which could start producing green hydrogen by 2026.
Neste, a Finnish oil refining company, is the world’s leading producer of sustainable aviation fuel, renewable diesel and renewable feedstock solutions.
With an investment decision set to be reached in 2024, the company has embarked on the basic engineering stage of the project.
Their Porvoo refinery will house the electrolyser and progress the company’s ambition to make it Europe’s most sustainable refinery by 2030 and to reach carbon neutral production by 2035.
Established hydrogen projects at Neste’s Porvoo refinery already contribute considerably to the EU’s green hydrogen value chain, and the company became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects in July 2022.
Later that year, Neste was awarded €27.7 million of public funding for its renewable hydrogen projects at the Porvoo refinery.
In addition to their 120 MW green hydrogen project, Neste has also started a study in partnership with Finnish energy company, Porvoon Energia, to examine the uses of the renewable heat generated in the production of green hydrogen.
Across their portfolio of operations and partnerships in countries including Singapore and California, Neste’s total production capacity of renewable products is set to stand at 5.5 million tons by the end of 2023.