Alpiq invests EUR 47m in Finnish green H2 developer P2X

Swiss energy trader Alpiq has bought a controlling stake in P2X Solutions Ltd, providing the Finnish green hydrogen and power-to-X technology company with EUR 47 million (USD 50.2m) to back a large-scale project in Western Finland.

Alpiq said on Friday that the interest was bought in a capital increase and through the purchase of a minority stake from an institutional investor. The transaction will make it a 54.9% owner of P2X's stock and will allow it to lift its holding to 100% by end-2028. P2X Solutions will be managed on a partnership basis and will still be run as an independent company with its incumbent CEO Herkko Plit at the helm, Alpiq added.

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The transaction will reduce the shareholding of zero-emission energy solutions provider Enersense International Plc in P2X to roughly 9% but it will keep its position on P2X’s board. The deal is not expected to have a cash flow impact on Enersense's books.

Espoo-based P2X Solutions operates as a producer and distributor of green hydrogen and synthetic fuel and is currently building Finland's first industrial-scale green hydrogen and synthetic methane plant in Harjavalta. Construction of the 20-MW plant was initiated early in 2023 and its commissioning is expected in early 2025.

As part of its goal to have 1 GW of hydrogen production capacity by 2031, P2X plans to install additional hydrogen production plants in the Nordic countries, with its future developments including projects in Joensuu and Oulu, Finland.

“By its significant investment, Alpiq substantially strengthens P2X’s position and ability to scale up their business. We believe that this arrangement will also offer other cooperation opportunities as well,” said Enersense’s CEO Jussi Holopainen.

(USD 1.0 = EUR 1.068)