Business Finland has provided an investment grant of EUR 60 million to P2X Solutions for the development of a renewable hydrogen and synthetic methanol production plant in Joensuu, according to the company's release.
The grant, enabled by the plant’s inclusion in the European Commission’s Important Projects of Common European Interest (IPCEI) list in 2022, supports the final investment decision scheduled for 2025.
The funding, allocated through the European Commission’s Recovery and Resilience Facility (RRF) and managed by Business Finland, targets a planned production capacity of 40 MW of renewable hydrogen, with the plant’s end products aimed at the marine and aviation sectors.
The facility, to be located in the Iiksenvaara industrial area near Savon Voima’s biopower plant, will utilize biogenic CO2 from Savon Voima’s energy production for e-methanol and transfer waste heat to Joensuu’s district heating network.
“This project is significant for the whole of Finland, and Business Finland’s funding decision is also historically large in its scale. There are numerous hydrogen production investment projects in the pipeline, but not many have reached the finish line yet. There are always risks associated with constructing something new, but our expectations are high, as P2X Solutions Oy has already proven its ability to launch commercial production of green hydrogen as a pioneer. The public support granted by Business Finland is important at this stage to allow hydrogen production to be scaled up in stages to larger, commercially viable plant sizes,” said Lassi Noponen, Director General of Business Finland.
P2X Solutions is a Finnish company founded in 2017, headquartered in Helsinki, specializing in green hydrogen and synthetic fuel production, with its first plant in Harjavalta. P2X Solutions’ Harjavalta plant, operational since 2022, produces 10 MW of green hydrogen, marking it as Finland’s first industrial-scale facility, with plans to scale up to 40 MW at Joensuu.
Business Finland is a Finnish public organization established in 2018, headquartered in Helsinki, providing innovation funding and support for internationalization and tourism.
Savon Voima is a Finnish energy company founded in 1905, headquartered in Kuopio, operating in electricity, heating, and renewable energy production, including a biopower plant in Joensuu. Savon Voima’s biopower plant in Joensuu, a key CO2 supplier for the project, processes 150,000 tons of biomass annually, contributing to Finland’s renewable energy target of 51% by 2030.