"Positive" investment subsidy decision for NordFuel's Haapavesi biorefinery
Advanced biofuel project developer NordFuel Oy has recently announced that it received a "positive" investment subsidy decision from the Finnish Ministry of Employment and the Economy for its Haapavesi biorefinery project.
"We welcome the Ministry’s decision. This will help to take the project forward as planned. Next, we are waiting for the environmental permit decision, after which the project has the prerequisites to proceed to the plant design phase”, said Andreas Rasmus, CEO, NordFuel.
NordFuel is preparing to build a biorefinery in Haapavesi that will produce biofuels for transport. In the spring of 2019, investment support for large energy technology demonstration projects was applied for from the Ministry of Employment and the Economy.
Investment support is intended for projects that provide future energy solutions to meet both national and EU climate and energy targets for 2030. The aim is also to promote internationally replicable solutions based on new energy technologies.
A positive support decision is an excellent news for us. Society’s support and commitment to the new technology project will also strengthen the confidence of domestic and foreign investors in the project. The biorefinery is a major investment, in the order of EUR 300 million. The biorefinery will also be a major employer both during the project and after the plant is completed. The project also enables the construction of a new kind of bioeconomy ecosystem and thereby creates new know-how and technology export opportunities, said Timo Strengell, NordFuel’s Project Director.
NordFuel‘s biorefinery will produce 65 000 tonnes of second-generation bioethanol and 250 GWh of biogas annually, making the biorefinery the single largest biogas production unit in the Nordics.