Neste Corporation, Press Release, 3 May 2023 at 10.00 a.m. (EET)
In accordance with its ambition to reach carbon neutral production by 2035, Neste is working on a 120 MW electrolyzer project to produce renewable (i.e. green) hydrogen at its Porvoo refinery in Finland. The company has now decided to proceed to the basic engineering phase with the project. The investment decision readiness is expected to be reached in early 2024. If an investment decision is made, green hydrogen production could start in 2026.
“Our project is one of the largest development projects to produce green hydrogen in the European refineries and it supports our goal to transform the Porvoo refinery to the most sustainable refinery in Europe by 2030. The green hydrogen would be primarily used in our Porvoo refinery’s processes, where it would replace hydrogen produced from fossil feedstocks,” says Markku Korvenranta, Executive Vice President in Neste’s Oil Products.
Production of green hydrogen also generates renewable heat. In connection with the 120 MW green hydrogen project, Neste has started a preliminary study with Porvoon Energia on the utilization of renewable heat in district heating. Porvoon Energia is a regional Finnish energy company focusing on heat and electricity production and distribution as well as development of the electricity network.
Hydrogen projects at Neste’s Porvoo refinery contribute considerably to the EU green hydrogen value chain. In July 2022, Neste became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects. In December 2022, Business Finland awarded Neste EUR 27.7 million of public funding for its renewable hydrogen projects at the Porvoo refinery.
Vice President, Communications
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Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com