Plug Power, has unveiled plans to construct three green hydrogen production plants in Finland as part of a billion-euro investment.
The plants will be strategically located in the Finnish port cities of Kokkola, Kristianstad, and Porvoo, aiming to support Finland’s vision of becoming a European leader in the green hydrogen economy.
During a signing ceremony held at Business Finland’s headquarters in Helsinki, Plug Power’s CEO, Andy Marsh, expressed pride in contributing their expertise and turnkey hydrogen solutions to help Finland achieve its sustainability goals. The decision to invest in Finland was influenced by the country’s commitment to carbon reduction, well-developed infrastructure, and NATO membership, which adds to its strategic appeal.
Despite the early announcement, both Plug Power and Business Finland emphasize that the project is currently in the planning phase, with a final investment decision expected between 2025 and 2026. If the plans proceed as intended, the initiative is projected to generate approximately 1,000 direct jobs and over 3,000 indirect jobs, making it one of the largest investments in the European market.
While the exact value of the investment remains undisclosed, Business Finland states that it will fall within the billion-euro range. Plug Power has already initiated discussions with financial investors and debt providers and is actively seeking optimal capital solutions in collaboration with its financial partners.
Describing Plug Power as a leading provider of turnkey hydrogen solutions, Business Finland highlights the company’s presence on the New York Stock Exchange. Markku Kivistö, Head of Cleantech Industry at Invest in Finland, commends the investment decision, citing Finland’s emission-free energy production and well-established industrial ecosystems as key factors driving the choice.
By the end of the decade, the three plants combined are projected to produce 850 tons per day (TPD) of green hydrogen or have an electrolyzer capacity of 2.2 gigawatts (GW). The Kokkola plant will focus on producing emission-free hydrogen and ammonia for the process manufacturing industry, while the Kristinestad and Porvoo plants will primarily produce emission-free hydrogen.
The investment plans have been welcomed by local authorities in the respective cities. The Mayor of Kristinestad, Mila Segervall, highlights the city’s pioneering efforts in green energy development and expresses confidence in the positive economic impact the project will have on the region. Similarly, the Mayor of Kokkola, Jukka-Pekka Ujula, emphasizes the commitment to support Plug Power’s project and the anticipated boost to industrial employment in the area.
As Finland continues to position itself as a major cleantech hub, the establishment of these green hydrogen production plants represents a significant step toward achieving the country’s renewable energy objectives. The project not only reinforces Finland’s international competitiveness but also serves as a testament to the collaborative efforts between regions in driving industrial progress and realizing the potential of a greener future.