Business Finland awards Neste $29.4M for green hydrogen projects

In Finland, earlier this month, Business Finland awarded Neste with a public funding of EUR 27.7 million for green hydrogen projects at Neste’s refinery in Porvoo, Finland, aiming to develop solutions for renewable hydrogen production. 

In July 2022, Neste became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects, which enabled the company to apply for the public funding now granted. EU IPCEI projects promote the EU’s strategic objectives and the common interests of Europeans by supporting innovation projects in different EU Member States. The grant decision is part of the EU’s first wave of IPCEI projects on hydrogen, which aims to develop and accelerate the production and use of green hydrogen across Europe. In Finland, the EU application process has been coordinated by the Ministry of Economic Affairs and Employment and Business Finland. In Finland, projects related to the value chain for the hydrogen economy are part of the Sustainable Growth Programme for Finland, funded through the EU’s Recovery and Resilience Facility.