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Neste’s green hydrogen and CO2 capture and storage project, which aims to rapidly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland, has received a positive grant decision from the EU Innovation Fund of EUR 88 million.
The refinery’s production can be decarbonized thanks to CCS and electrolysis, both of which are being implemented as part of the project. We’re still working out the kinks in the plan before moving forward.
Neste’s goal of carbon neutral production by 2035 will be significantly aided by the project, as will Finland’s and the EU’s climate goals. In the first decade of operation, the Porvoo refinery’s CO2 emissions could be reduced by more than 4 million tons thanks to this transformation project.
“We are proud to have been selected as one of the seven granted projects out of more than 300 applicants in one of the world’s largest funding programs for the demonstration of innovative low-carbon technologies. This is a great recognition for Neste and its innovations as a front runner and key contributor to the European energy transition. The funding for this project strongly supports our ambition to make Porvoo the most sustainable refinery in Europe by 2030,” says Peter Vanacker, President and CEO at Neste.
With the goal of creating an international hub for renewable hydrogen and CO2 utilization, Neste is bringing together leading European technology suppliers and R&D institutes.
Seven large-scale innovative projects are receiving over €1.1 billion in funding from the EU Innovation Fund. Individual grant agreements with the funding agency will be finalized in the first quarter of 2022, and Neste will begin preparing them alongside other successful projects.
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