Neste receives EU funding for renewable hydrogen projects in Porvoo, Finland.
An IPCEI project
Neste receives €27.7 million in EU funding for renewable hydrogen projects at Porvoo refinery. The objective is to develop solutions for the production of renewable hydrogen. In addition, in July 2022, the company was the first Finnish company to receive IPCEI status from the European Commission.
Obtaining IPCEI (Important Project of Common European Interest) status allowed Neste to apply for public funding. EU IPCEI projects promote the EU’s strategic objectives. In addition, they support common interests by supporting innovation projects in different member states.
Political support
The grant decision for the Porvoo refinery is part of the first wave of the Union’s IPCEI hydrogen projects. The objective is to develop and accelerate the production and use of renewable hydrogen throughout Europe. In addition, projects related to the hydrogen economy value chain are part of the Finalnde’s sustainable growth program.
Outi Ervasti, vice president of renewable hydrogen at Neste, says:
“Neste’s goal is to strengthen the European hydrogen value chain and be at the forefront of the production and development of renewable hydrogen solutions. This grant will have a significant impact on the progress of our green hydrogen projects in today’s challenging business environment. We would like to thank the Finnish Ministry of Economic Affairs and Employment and Business for the funding and their support in the application process.”
In September 2022, Neste launched a strategic study on the long-term transition of its Porvoo refinery. The company aims to make the refinery a global site for renewable and circular solutions.
