Neste and The European Commission's CINEA sign the EU Innovation Fund’s grant agreement for the clean hydrogen project 'SHARC' in Porvoo
Neste has closed the grant agreement process with CINEA and 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 ‘SHARC’ project introduces electrolysis and carbon capture and storage (CCS) solutions that allow the quick and efficient reduction of 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. The project would strongly contribute to reaching both Finland’s and the EU’s climate targets by accelerating the green transition and has a significant role in Neste’s target of carbon neutral production by 2035.
“We are proud to be in the forefront of accelerating the European energy transition. With the SHARC project, Neste is pioneering in transforming industrial production by using clean hydrogen. The project will also build a foundation for the utilization of carbon dioxide and, for example, the production of electric fuels at the Porvoo refinery in the future,“ says Lars Peter Lindfors, SVP Innovation at Neste.
“This project is an essential step in our efforts towards carbon neutrality and to develop the Porvoo refinery into the most sustainable refinery in Europe by 2030. By reforming our current hydrogen production and capturing emissions from the refinery, we will be strongly contributing to Finland's climate targets. SHARC will be one of the cornerstones of the future success of Neste,” says Markku Korvenranta, Executive Vice President of Oil Products at Neste.
“CINEA is proud to sign the grant agreement of SHARC project, one of the first seven Innovation Fund large-scale projects. I am convinced that SHARC project has great potential to reduce GHG emissions as it will combine green and blue hydrogen production with carbon capture technology. I am looking forward to following the evolution and the implementation of this project,” says Dirk Beckers, Director at CINEA.
Categories
Investments
2021-11-01
at Porvoo (FI)Countries
Companies
Latest news
PureCycle’s First Plastic Recycling Plant in Europe located in Antwerp-Brugges NextGen District, Belgium
The new plant is expected to have an annual capacity of 59,000 metric tons, with opportunities to expand operations with an anticipated total capacity of approximately 240,000 metric tons per year.
CABB site in Kokkola, Finland: vital growth with a focus on sustainability
CABB Group will invest more than EUR 50 million by 2025 in expanding its facilities at its site in Kokkola, Finland. A new office building is also being constructed. Special attention is being pai...
TotalEnergies commissions BioBéarn, the country’s largest anaerobic digestion unit in Mourenx, France
The project will convert 220,000 metric tons of organic waste into 200,000 metric tons per year of digestate, a natural fertilizer, and 160 GWh of biomethane. This new unit allowing to avoid the em...
Borealis, committed to lead the transformation to a circular economy, acquires a majority stake in Renasci’s Ostend facility, Belgium
Borealis increases its financial investment in Renasci to acquire a majority shareholding position of 50.01%. Investment will provide Borealis increasing access to chemically recycled feedstock, st...