Neste Secures Energy Investment Aid for Green H2 Project

2 Million Euro Aid Neste Secures Energy Investment Aid for Green H2 Project

2023-11-29 Source: Press release Neste 1 min Reading Time

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The Ministry of Economic Affairs and Employment in Finland has granted 2 million euros as energy investment aid to Neste for its green hydrogen project at the Porvoo refinery. The investment aid is for heat recovery from the green hydrogen production.

The goal of the project is to build a 120 MW electrolyzer that produces green hydrogen for the refinery’s processes. (Source: Neste) — The goal of the project is to build a 120 MW electrolyzer that produces green hydrogen for the refinery’s processes.
(Source: Neste)

Espoo/Finland – In November 2023, the Ministry of Economic Affairs and Employment in Finland granted Neste an energy investment aid of 1.96 million euros for heat recovery from the green hydrogen production being planned for the Porvoo refinery. The goal of the project, which is in the basic engineering phase, is to build a 120 MW electrolyzer that produces green hydrogen for the refinery’s processes. In addition to green hydrogen, the production also generates heat that could be recovered. The investment decision readiness regarding the green hydrogen project is expected to be reached during 2024.

In addition to Neste, energy investment aid was granted to the regional Finnish energy company Porvoon Energia. Neste and Porvoon Energia have in cooperation initiated the study on heat recovery and utilization in the City of Porvoo’s district heating network.

“We appreciate the support the Ministry of Economic Affairs and Employment of Finland gives to the society's transition to renewable energy. If the project is realized, the funding helps us and Porvoon Energia to utilize the heat generated from the green hydrogen production process to the benefit of society,” says Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.

The aid granted to Neste is part of energy investment aid under Finland’s Recovery and Resilience Plan. The aid programme aims to reduce Finland’s greenhouse gas emissions, support Finland’s carbon neutrality targets and encourage businesses and, in particular, industry to replace fossil fuels with green energy.

(ID:49813511)

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