Neste receives energy investment aid for green hydrogen project
- The Ministry of Economic Affairs and Employment in Finland granted EUR 1.96 million for Neste's green hydrogen project.
- The project aims to build a 120MW electrolyzer for green hydrogen production at the Porvoo refinery.
- Heat generated from the green hydrogen production could be recovered for district heating.
- Investment decision readiness is expected in 2024.
Energy Investment Aid Granted
The Ministry of Economic Affairs and Employment in Finland has granted Neste an energy investment aid of EUR 1.96 million. This funding is aimed at supporting the heat recovery from the green hydrogen production planned for the Porvoo refinery.
Project Details
The project, currently in the basic engineering phase, involves constructing a 120MW electrolyzer to produce green hydrogen for the refinery’s processes. In addition to green hydrogen, the production process will generate heat that can be recovered and utilized.
Collaboration with Porvoon Energia
Neste and the regional Finnish energy company Porvoon Energia have jointly initiated a study on heat recovery and its utilization in the City of Porvoo’s district heating network. This collaboration aims to maximize the benefits of the heat generated from the green hydrogen production process.
Timeline and Objectives
The investment decision readiness for the green hydrogen project is expected to be reached during 2024. The aid granted to Neste is part of Finland’s Recovery and Resilience Plan, which aims to reduce greenhouse gas emissions, support carbon neutrality targets, and encourage the replacement of fossil fuels with green energy.