Neste advances 120-MW green hydrogen project in Finland

Refiner and renewable fuels producer Neste Oyj (HEL:NESTE) has decided to begin the basic engineering phase of its 120-MW electrolysis project to produce green hydrogen at the Porvoo refinery on Finland's southern coast.

The Finnish company said on Wednesday it expects to be ready to make an investment decision on the project in early 2024. In this case, the plant could begin producing renewable hydrogen in 2026. Its output will be used to replace the hydrogen used in the Porvoo refinery's operations which is currently produced from fossil fuel.

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In addition, Neste is studying the potential for feeding the excess heat from green hydrogen production into the district heating network. A preliminary study in cooperation with local energy company Porvoon Energia is already underway.

The initiative for the decarbonisation of the Porvoo refinery is backed with a EUR-27.7-million (USD 30.6m) grant from state-run organisation Business Finland based on its IPCEI designation in 2022.

(EUR 1 = USD 1.104)