Neste Advances Renewable Hydrogen Project in Porvoo
- Neste is working on a 120 MW electrolyzer project to produce green hydrogen at its Porvoo refinery.
- Investment decision readiness is expected by early 2024, with production potentially starting in 2026.
- Neste received EUR 27.7 million in public funding from Business Finland for the project.
- A preliminary study with Porvoon Energia is exploring the use of renewable heat in district heating.
Project Overview
Neste is advancing its 120 MW electrolyzer project to produce renewable hydrogen at its Porvoo refinery in Finland. This initiative aligns with the company's goal to achieve carbon-neutral production by 2035. The project has now moved to the basic engineering phase, with an investment decision expected by early 2024. If approved, green hydrogen production could commence in 2026.
Project Significance
The green hydrogen produced will primarily be used in the Porvoo refinery's processes, replacing hydrogen derived from fossil feedstocks. This project is one of the largest green hydrogen initiatives in European refineries and aims to make the Porvoo refinery the most sustainable in Europe by 2030.
Renewable Heat Utilization
In addition to hydrogen production, the project will generate renewable heat. Neste has initiated a preliminary study with Porvoon Energia, a regional Finnish energy company, to explore the use of this renewable heat in district heating systems.
Funding and Recognition
Neste's hydrogen projects at the Porvoo refinery are significant contributors to the EU green hydrogen value chain. In July 2022, Neste became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects. In December 2022, Business Finland awarded Neste EUR 27.7 million in public funding to support these renewable hydrogen initiatives.