Finland-headed oil refiner and renewable fuels producer Neste Oyj has announced that the EU Innovation Fund has given a positive grant decision of EUR 88 million funding to Neste’s green hydrogen and carbon capture and storage (CCS) project, which aims to quickly and efficiently reduce greenhouse gas (GHG) emissions at the Porvoo refinery in Finland.
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The project introduces carbon dioxide (CO2) capture and storage, and electrolysis solutions that allow decarbonization of production at the refinery. The project is currently in the feasibility phase.
According to Neste, the project will strongly contribute to the reaching of both Finland’s and the EU’s climate targets and has a significant role in Neste’s target of carbon-neutral production by 2035.
With this transformation project, a reduction of more than 4 million tonnes of CO2 emissions can be achieved at the Porvoo refinery in the first 10 years of operation.
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 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, said Peter Vanacker, President, and CEO at Neste.
Neste also aims to gather a network of leading European technology suppliers and R&D institutes, laying the foundation for a world-class European hub for renewable hydrogen and CO2 utilization.
The EU Innovation Fund is investing over EUR 1.1 billion in seven large-scale innovative projects. Neste, among other successful projects, will start to prepare the individual grant agreements with the funding agency, which are expected to be finalized in the first quarter of 2022.
