Finnish oil refining and marketing company Neste has been granted an energy investment aid of €1.96 million for heat recovery from the green hydrogen production planned for the Porvoo refinery.
According to Neste, the energy investment aid was awarded in November this year by the Ministry of Economic Affairs and Employment in Finland as part of the country’s Recovery and Resilience Plan.
The goal of Neste’s 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.
“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 helps us and Porvoon Energia to utilize the heat generated from the green hydrogen production process to the benefit of society,” said Markku Korvenranta , Executive Vice President for Oil Products business unit at Neste.
Last year, Neste launched a strategic study on transitioning its refinery in Porvoo to non-crude oil refining and renewable and circular solutions site in addition to looking into opportunities for green hydrogen at the refinery.
At its Porvoo refinery, the company is producing its Neste Marine 0.1 co-processed marine fuel, which was piloted in 2022 as a solution for helping the maritime sector reduce greenhouse gas (GHG) emissions.