HomeNewsNeste to receive funding from the EU Innovation Fund to develop its Porvoo refinery through green hydrogen production and carbon capture & storage

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Neste to receive funding from the EU Innovation Fund to develop its Porvoo refinery through green hydrogen production and carbon capture & storage

11/17/2021

Press Release - Neste Corporation The EU Innovation Fund has given a positive grant decision of EUR 88 million funding to Neste’s green hydrogen and CO2 capture & storage project, which aims to quickly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland. The project introduces carbon capture and storage (CCS) and electrolysis solutions that allow decarbonisation of production at the refinery. The project is currently in the feasibility phase. The project will strongly contribute to the reaching of both Finland’s and the EU’s climate targets and has a significant role in Neste’s target of carbon neutral production by 2035. With this transformation project,

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