Finland – Neste has closed the grant agreement process with the Climate, Infrastructure and Environment Executive Agency (CINEA) of the European Commission. Following the earlier announced positive EU Innovation Fund grant decision of EUR 88 million to Neste’s clean hydrogen project at the Porvoo refinery in Finland.
The Sustainable Hydrogen and Recovery of Carbon (Sharc) project replaces grey hydrogen for the green and blue alternatives. By using electrolysis and carbon capture and storage (CCS) solutions Neste will reduce it’s greenhouse gas emissions at the refinery. Neste’s project is in the feasibility phase, with no final investment decision made yet and with the planned start of the operations around the mid 2020s.
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.
This announcement is not the only step of Neste towards emission free hydrogen. The company claimed last month that it is entering into execution phase with its partners in the MultiPLHY consortium. The MultiPLHY project aims at installing, integrating and operating the world’s first high-temperature electrolyzer system in multi-megawatt-scale at the Dutch refinery of Neste.