The EU Innovation Fund has given a positive grant decision of €88 million funding to Neste’s green hydrogen and CO2 capture and 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 decarbonisation of production at the refinery. It 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 t of CO2 emissions can be achieved at the Porvoo refinery in the first 10 years of operation.
The company 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 utilisation.
The EU Innovation Fund is investing over €1.1 billion in seven large-scale innovative projects. Neste will start to prepare the individual grant agreements with the funding agency, which are expected to be finalised in 1Q2022.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/17112021/neste-receives-funding-to-develop-its-green-hydrogen-and-ccs-project/
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