The EU Innovation Fund has given a positive grant decision of €88 MM funding to Neste’s green hydrogen and CO2 capture and storage project, which aims to quickly and efficiently reduce GHG emissions at the Porvoo refinery in Finland. The project introduces CCS and electrolysis solutions that allow decarbonization of production at the refinery.
The project is currently in the feasibility phase.
The project aims to reach both Finland’s and the EU’s climate targets and has a significant role in Neste’s target of carbon neutral production by 2035. With this transformation project, a reduction of more than 4 MMt of CO2 emissions can be achieved at the Porvoo refinery in the first 10 years of operation.
Neste also aims to gather a network of leading European technology suppliers and R&D institutes, laying the foundation for a world-class European hub for renewable hydrogen and CO2 utilization.
The EU Innovation Fund is investing over €1.1 B in seven large-scale innovative projects. Neste, among other successful projects, will start to prepare the individual grant agreements with the funding agency, which are expected to be finalized in 1Q 2022.
