Neste Secures EU Funding for Chemical Recycling in Porvoo
- Neste received up to EUR 135 million from the EU Innovation Fund for chemical recycling at its Porvoo refinery.
- Project PULSE aims to pretreat and upgrade 400,000 tons of waste plastic annually.
- The goal is to process over 1 million tonnes of waste plastic per year by 2030.
- Investment decision readiness is targeted for 2023 with implementation starting in 2024.
EU Funding for Chemical Recycling
Neste has secured up to EUR 135 million from the EU Innovation Fund to develop chemical recycling capacities at its Porvoo refinery in Finland. The funding supports Project PULSE, which focuses on pretreating and upgrading liquefied waste plastic using Neste’s proprietary technologies.
Project PULSE Objectives
Project PULSE aims to achieve pretreatment and upgrading capacities of 400,000 tons of waste plastic per year. This initiative is part of Neste’s broader goal to process over 1 million tonnes of waste plastic annually by 2030. The project is expected to bridge the quality gap between unprocessed liquefied waste plastic and the petrochemical industry’s raw material requirements.
Timeline and Implementation
A feasibility study for Project PULSE was announced in March 2022. The investment decision readiness is targeted for 2023, with gradual implementation anticipated to begin in 2024. The project is a significant step towards commercializing chemical recycling and enhancing recycling rates for plastics.
EU Innovation Fund
The EU Innovation Fund is one of the world’s largest funding programs for innovative low-carbon technologies. This year, it is granting more than EUR 1.8 billion to 17 large-scale projects aimed at contributing to a low-carbon society. Following the positive grant decision, individual grant agreements will be prepared with the European Climate, Environment and Infrastructure Executive Agency (CINEA), which manages the Innovation Fund.