Finland – The EU Innovation Fund has approved a grant application from Neste for up to EUR 135 million for the company’s project to expand chemical recycling capabilities at its Porvoo refinery in Finland.
Project PULSE, which stands for “Pretreatment and Upgrading of Liquefied Waste Plastic to Scale Up Circular Economy,” aims to put Neste’s unique technologies to use in pretreating and upgrading liquefied waste plastic and integrating them into refinery operations. The PULSE project aims to pretreat and upgrade capacities of 400,000 tons annually, helping Neste achieve its objective of processing over 1 million tonnes of waste plastic annually starting in 2030. In March 2022, a feasibility study assessing the PULSE-related investments was revealed. The target year for investment decision readiness is 2023, and 2024 is the anticipated beginning year for gradual implementation.
Boosting recycling rates
Due to its ability to scale up chemical recycling and close the quality gap between unprocessed liquefied waste plastic and the petrochemical industry’s requirements for raw materials, Project PULSE is crucial to the commercialization of chemical recycling of waste plastic. Once scaled up, chemical recycling can aid in the fight against waste plastic pollution by boosting plastic recycling rates and lowering reliance on new fossil fuels.
One of the largest funding programs in the world for the demonstration of cutting-edge low-carbon technologies is the EU Innovation Fund. The Fund has awarded more than 1.8 billion euros this year to 17 sizable initiatives promoting a low-carbon society. Individual grant agreements will be prepared with the European Climate, Environment and Infrastructure Executive Agency (CINEA), which is in charge of the Innovation Fund, following the positive grant decision.
