Neste has proceeded to the basic engineering phase of its 120 MW electrolyzer project which will feature green hydrogen production at its Porvoo refinery in Finland. The investment decision is expected to be reached in early 2024. The production of green hydrogen could start in 2026 and the project will also generate renewable heat.
Neste received EUR27.7 million (US$30.6 million) of public funding from Business Finland in December 2022 for its renewable hydrogen projects at the refinery.
Furthermore, Neste has started a preliminary study with Porvoon Energia on the utilization of renewable heat in district heating in connection with the 120 MW green hydrogen project. Porvoon Energia is a regional Finnish energy company focusing on heat and electricity production and distribution as well as on developing the electricity network.
