Neste Corporation, Press Release, 28 November 2023 at 12:30 p.m. (EET)
In November 2023, the Ministry of Economic Affairs and Employment in Finland granted Neste an energy investment aid of EUR 1.96 million for heat recovery from the green hydrogen production being planned for the Porvoo refinery. The goal of the project, which is in the basic engineering phase, is to build a 120MW 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.
In addition to Neste, energy investment aid was granted to the regional Finnish energy company Porvoon Energia. Neste and Porvoon Energia have in cooperation initiated the study on heat recovery and utilization in the City of Porvoo’s district heating network.
“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,” says Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.
The aid granted to Neste is part of energy investment aid under Finland’s Recovery and Resilience Plan. The aid programme aims to reduce Finland’s greenhouse gas emissions, support Finland’s carbon neutrality targets and encourage businesses and, in particular, industry to replace fossil fuels with green energy.
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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. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.
As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.
The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has 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