Neste Secures EU Funding for New Co-Processing Technology
- Neste's SCOOP project is among 61 selected for EU Innovation Fund support.
- The project focuses on co-processing technology for tall oil at Porvoo refinery.
- Crude tall oil is a residue from pulp mills, eligible for advanced biofuels.
- Investment decision for incorporating the technology is pending.
EU Funding for Neste's SCOOP Project
The European Commission has announced funding for 61 innovative technology projects, including Neste's SCOOP (Sustainable Co-Processing of Challenging Raw materials) project. This initiative is one of five Finnish projects selected from 359 applications.
Project Focus and Goals
Neste's SCOOP project aims to develop a new co-processing technology for tall oil-based raw materials at its Porvoo oil refinery in Finland. Crude tall oil, a byproduct from pulp mills, is listed in the EU Renewable Energy Directive, making it eligible for advanced biofuel production.
Potential Impact
The technology developed in the SCOOP project could enable the processing of various renewable raw materials into high-quality renewable fuels and feedstock for the polymers and chemicals industry. However, incorporating this technology into the Porvoo refinery requires an investment decision, which is yet to be made.
EU Innovation Fund and Next Steps
The EU Innovation Fund, financed by the EU Emissions Trading System, aims to enhance Europe's technological leadership and accelerate the deployment of clean technologies. Developers of the selected projects, including Neste, will now enter the grant agreement preparation phase with the European Climate, Infrastructure and Environment Executive Agency. This phase involves finalizing the funding contract, confirming the budget, timetable, technical deliverables, and legal responsibilities.
Source: Neste