- The EU Innovation Fund grants €88M for a green hydrogen and CO2 capture project in Finland.
- The project aims to reduce over 4M tons of CO2 emissions in the first 10 years.
- The project is currently in the feasibility phase.
- Grant agreements are expected to be finalized in Q1 2022.
EU Innovation Fund Grant
The EU Innovation Fund has awarded €88 million to a green hydrogen and CO2 capture and storage project at the Porvoo refinery in Finland. This project aims to significantly reduce greenhouse gas emissions through the implementation of carbon capture and storage (CCS) and electrolysis solutions.
Project Goals and Impact
The initiative is currently in the feasibility phase and is expected to play a crucial role in meeting both Finland’s and the EU’s climate targets. The project aims to achieve a reduction of more than 4 million tons of CO2 emissions within the first 10 years of operation, contributing to the goal of carbon neutral production by 2035.
Timeline and Next Steps
Neste, along with other successful projects, will begin preparing individual grant agreements with the funding agency. These agreements are anticipated to be finalized in the first quarter of 2022.
Collaborative Efforts
Neste plans to collaborate with leading European technology suppliers and R&D institutes to establish a European hub for renewable hydrogen and CO2 utilization.
