Renewable Hydrogen Project in Finland

Renewable Hydrogen Project in Finland In line with its goal to achieve carbon-neutral production by 2035, Neste is working on a 120 MW electrolyzer project to produce renewable (green) hydrogen at its Porvoo refinery in Finland. The company decided to move forward to the basic engineering phase with the project. The investment decision preparation is expected to take place in the early months of 2024. If the investment decision is made, green hydrogen production could begin in 2026. Markku Korvenranta, Vice President responsible for Petroleum Products at Neste, stated: "Our project is one of the largest development initiatives for green hydrogen production in European refineries and supports our goal of transforming the Porvoo refinery into Europe's most sustainable refinery by 2030. Green hydrogen will be used in our Porvoo refinery processes, primarily replacing hydrogen produced from fossil feedstock." Green hydrogen production also means renewable heat generation. In connection with the 120 MW green hydrogen project, Neste initiated a preliminary study with Porvoon Energia on the use of renewable heat in regional heating. Porvoon Energia is a regional Finnish energy company focused on heat and power generation and distribution as well as power grid development. Neste's hydrogen projects at the Porvoo refinery are making a significant contribution to the EU green hydrogen value chain. In July 2022, Neste became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects. In December 2022, Business Finland provided Neste with EUR 27.7 million in public financing for renewable hydrogen projects at the Porvoo refinery. Source