Swiss energy services provider Alpiq and Finnish green hydrogen firm P2X Solutions have agreed on a financing arrangement according to which Alpiq will invest approximately €47 million in P2X, becoming its majority owner (54.9%).
Alpiq revealed the company has the option to increase its shareholding to up to 100% by the end of 2028, adding that P2X will be managed on a partnership basis and continue to be run as an independent company. Founding partner Herkko Plit will remain as the CEO and as a shareholder.
To note, P2X Solutions is a Power-to-X developer focusing on producing and selling green hydrogen and synthetic fuels. The company is currently mainly active in the Finnish market, but according to Alpiq, it plans to expand into other Nordic countries in the next stage.
P2X Solutions is constructing an industrial-scale green hydrogen production facility in Finland, which has an installed electrolysis capacity of 20 MW, making it one of the largest of its kind in Europe. It is scheduled to be operational in early 2025.
As per Alpiq, P2X Solutions gives the Swiss company a platform to produce green hydrogen and Power-to-X, as well as to expand beyond Finland. Moreover, the company pointed out that there are synergies with Alpiq’s commercial activities in the areas of origination and trading and with Alpiq’s own project pipeline in the area of hydrogen.
Amédée Murisier, a member of Alpiq’s executive board, stated: “P2X Solutions fits perfectly into Alpiq’s strategy thanks to its hydrogen activities. We are glad that we can consolidate our position in Finland using the knowledge of CEO Herkko Plit and his team and can make a significant contribution to integrating renewable energy.”
Herkko Plit commented: “Alpiq is a significant European energy company, and we are very excited to partner with them. Establishing a strategic partnership with Alpiq substantially strengthens our position and ability to scale up our business. Furthermore, with Alpiq we can optimise our value chain of renewable electricity, green hydrogen and e-fuels.”
Click here to read more about hydrogen in Finland.