Finnish oil refining and marketing company Neste is set to receive €88 million from the EU Innovation Fund for its proposed green hydrogen and carbon capture and storage projects.
Neste logo. Credit: Neste
Credit: Neste
The project, currently in the feasibility phase, introduces carbon capture and storage (CCS) and electrolysis solutions that allow decarbonisation of production at the company's Porvoo refinery.
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The project will 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 greenhouse gas 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", says Peter Vanacker, President and CEO at Neste.
"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”.
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 utilisation.
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The EU Innovation Fund is investing over €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 finalised in the first quarter of 2022.
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