P2X Solutions, a pioneer in green hydrogen and power-to-x technology in Finland, has closed a EUR 20 million equity financing round.
On December 8, 2021, the firm reached an agreement with Enersense International Oyj, a developer of zero-emission energy solutions, for a EUR 13–18 million investment in P2X Solutions Oy. Along with Enersense, the funding round will include Lifeline Ventures, an early-stage investor in the company.
P2X Solutions and Enersense have reached an agreement in connection with the investment under which Enersense will become a preferred supplier for construction services, maintenance, and operation of P2X Solutions’ first green hydrogen production facility in Harjavalta, subject to certain requirements. The collaboration agreement also applies to any future projects undertaken by P2X Solutions during the next three years.
“We are creating a green hydrogen market in Finland and ensuring that we keep up with the rest of Europe. P2X Solutions will produce green hydrogen and further process part of it into renewable synthetic fuels in a cost-effective manner. After securing a EUR 20 million equity funding, the project has taken a big step closer to implementation. Having Enersense, a creator of emission-free energy solutions as an owner and partner brings great additional value for our company. With green hydrogen and power-to-x technology, we can significantly reduce emissions and thus promote an emission-free welfare society”, says Herkko Plit, CEO of P2X Solutions.
To close the funding round, the company will need investment support for new energy technology and large-scale demonstration projects, for which it has submitted to the Ministry of Employment and the Economy.
