Neste and EU Sign Grant Agreement for Clean Hydrogen Project in Porvoo
- Neste received an EUR 88 million EU Innovation Fund grant for the SHARC project at the Porvoo refinery.
- The project aims to reduce over 4 million tons of CO2 emissions in the first 10 years.
- SHARC will use electrolysis and carbon capture and storage (CCS) technologies.
- Operations are planned to start around the mid-2020s.
Grant Agreement and Project Overview
Neste has finalized the grant agreement with CINEA and the European Commission, securing an EUR 88 million EU Innovation Fund grant for its clean hydrogen project, SHARC, at the Porvoo refinery in Finland. The project is currently in the feasibility phase, with operations expected to commence around the mid-2020s.
Emission Reduction Goals
The SHARC project aims to significantly reduce greenhouse gas emissions at the Porvoo refinery by introducing electrolysis and carbon capture and storage (CCS) technologies. Over the first 10 years of operation, the project is expected to cut more than 4 million tons of CO2 emissions, contributing to both Finland’s and the EU’s climate targets.
Technological Innovations
By reforming current hydrogen production and capturing emissions, SHARC will lay the groundwork for future advancements, including the potential production of electric fuels at the Porvoo refinery. This transformation is a key step towards Neste’s goal of achieving carbon neutral production by 2035.
Strategic Importance
SHARC is one of the first seven large-scale projects funded by the EU Innovation Fund, highlighting its strategic importance in the European energy transition. The project combines green and blue hydrogen production with carbon capture technology, positioning it as a cornerstone for Neste’s future success and sustainability efforts.