Sector News

Neste awarded €88-Million grant for green hydrogen and CCS projects at Porvoo refinery

November 21, 2021
Chemical Value Chain

Neste Corp. (Espoo, Finland) announced that the EU Innovation Fund has given a positive grant decision of €88-million funding to Neste’s green hydrogen and CO2 capture & storage project, which aims to quickly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland. The project introduces carbon capture and storage (CCS) and electrolysis solutions that allow decarbonization of production at the refinery. The project is currently in the feasibility phase.

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 tons 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 a 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,” says 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 €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.

By Mary Page Bailey

Source: chemengonline.com

 

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.