Lifeline Ventures, a Finnish venture capital firm, became a new shareholder in P2X Solutions, a green hydrogen producer and Power-to-X technology pioneer, through a EUR 2 million directed share issue organized by the company.
Lifeline Ventures brings extensive experience and valuable expertise to the growth company in addition to early-stage financing.
Timo Ahopelto will also join the P2X Solutions board of directors. Marjo Miettinen, who will remain on the board, has also become a shareholder in the company. Esa Härmälä will remain Chairman of the Board of Directors.
P2X Solutions has finished the concept for the first industrial-scale green hydrogen production plant and has begun Front-end Engineering Design. The plant is designed to be replicated in other parts of Finland and around the world. Furthermore, the company intends to invest in the development of a hydrogen distribution infrastructure. For the first plant, P2X Solutions used investment support from national grant mechanisms. The project will now be able to proceed as planned thanks to the newly secured funding.
Green hydrogen’s potential as a carrier of clean energy and enabler of sustainable solutions ranging from plastic production to food production has been recognized globally. Research and development work, as well as ready-made implementations with a high degree of processing, have significant export potential.
“Hydrogen solutions are being built around the world in all energy sectors, production, storage and distribution. Hydrogen will likely become a big part of the green energy of the future. This company has a concrete solution and a very experienced team in place”, describes Timo Ahopelto, partner in Lifeline Ventures.
“Green hydrogen is a key factor in achieving the world’s emissions reduction targets. I am very pleased that Lifeline Ventures sees the potential of green hydrogen as well, and as they join us, we will further strengthen our position as a pioneer in the field in Finland. We are continuing at full speed as planned, aiming for an investment decision this year and the start of construction of the first hydrogen plant in 2022”, says Herkko Plit, founder and CEO of P2X Solutions.
