In November 2023, the Ministry of Economic Affairs and Employment in Finland granted oil refiner and renewable products major Neste Oyj an energy investment aid of EUR 1.96 million for heat recovery from the green hydrogen production being planned for the Porvoo refinery.
The goal of the project, which is in the basic engineering phase, is to build a 120 MW electrolyzer that produces green hydrogen for the refinery’s processes. In addition to green hydrogen, the production also generates heat that could be recovered.
The investment decision readiness regarding the green hydrogen project is expected to be reached during 2024.
In addition to Neste, energy investment aid was granted to the regional Finnish energy company Porvoon Energia.
Neste and Porvoon Energia have in cooperation initiated the study on heat recovery and utilization in the City of Porvoo’s district heating network.
We appreciate the support the Ministry of Economic Affairs and Employment of Finland gives to the society’s transition to renewable energy. If the project is realized, the funding will help us and Porvoon Energia to utilize the heat generated from the green hydrogen production process to the benefit of society, said Markku Korvenranta, EVP for the Oil Products business unit at Neste.
The aid granted to Neste is part of energy investment aid under Finland’s Recovery and Resilience Plan.
The aid program aims to reduce Finland’s greenhouse gas emissions, support Finland’s carbon neutrality targets, and encourage businesses and, in particular, industry to replace fossil fuels with green energy.