Neste Makes History as First Finnish Firm to Receive IPCEI Designation, Launches Research Strategy to Transform Porvoo Refinery

In July 2022, Neste became the first Finnish firm to receive IPCEI (Important Project of Common European Interest) designation by the European Commission. This provides Neste with access to public funding for their hydrogen projects which are aligned with Europe’s strategic objectives and shared interests. It was part of the first wave of hydrogen-related IPCEI initiatives which aim to speed up green hydrogen production in Europe. The Ministry of Economic Affairs and Employment and Business Finland were responsible for managing Finland’s application process for this EU funding opportunity. Moreover, Sustainable Growth Programme for Finland, funded by the EU’s Recovery and Resilience Facility, also includes various projects that focus on value chain development within the hydrogen industry.In September 2022, Neste launched a research strategy on how to transform its Porvoo refinery into a world-leading hub for sustainable and circular solutions by 2030. If successful, crude oil would be replaced with renewable or recycled raw materials and Neste could meet its goal of becoming carbon neutral output by 2035. The success of this transformation relies heavily on the outcome of its renewable hydrogen projects.

Summary

• Neste was given IPCEI designation by the European Commission in July 2022, giving them the opportunity to seek for public funding.
• The decision is a part of the first wave of hydrogen IPCEI initiatives, which aims to advance and hasten the production and use of green hydrogen throughout Europe.
• Neste began a strategy research in September 2022 on how to transform its Porvoo refinery into a top-tier global facility for sustainable and circular solutions.

What public funding opportunities is Neste able to pursue as a result of being designated an Important Project of Common European Interest (IPCEI) by the European Commission?

As a result of being designated an Important Project of Common European Interest (IPCEI) by the European Commission, Neste is able to pursue public funding opportunities such as those offered by the EU’s Recovery and Resilience Facility, Sustainable Growth Programme for Finland, and Ministry of Economic Affairs and Employment.

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Picture source: Tapio Haaja