Neste formally wins EUR-28m green H2 grant under IPCEI scheme

Finnish refiner and renewable fuels producer Neste Oyj (HEL:NESTE) said on Friday that it won a EUR-27.7-million (USD 29.4m) grant from state-run organisation Business Finland for its green hydrogen projects in Porvoo as a result of their IPCEI designation earlier this year.

In July, Neste was selected by the European Commission to receive national public funding under the IPCEI Hy2Tech initiative of the State aid framework for Important Projects of Common European Interest (IPCEI).

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The grant decision now officialises the award of funds for the company’s plan to develop green hydrogen solutions at its refinery in Porvoo. A few months back, Neste launched a strategic study on transitioning the facility in the long-term into a renewable and circular solutions site, with the objective of replacing crude oil with renewable and recycled raw materials in the mid-2030s.

The company’s ultimate objective is to achieve carbon-neutral production by 2035.

(EUR 1 = USD 1.062)