Business Finland has provided investment grant of EUR 60 million to P2X Solutions’ renewable hydrogen and synthetic methanol production plant in Joensuu. The grant is an important step towards the final investment decision of the Joensuu plant, which is scheduled to be made in 2025.
In 2022, the European Commission added P2X Solutions’ Joensuu plant project to the IPCEI (Important Projects of Common European Interest) list. IPCEI status is granted to hydrogen projects considered important at the European level that promote the common interest of the continent by accelerating Europe’s hydrogen economy and hydrogen value chains.
Investment grant enabled by the IPCEI status has been provided through the European Commission’s Recovery and Resilience Facility (RRF) and allocated by a national funding mechanism, which is managed by Business Finland.
“This investment grant will significantly promote the development of the European and Finnish synthetic fuels market and move us closer to the investment decision of the Joensuu plant. In addition, it is an important step in strengthening the vitality of Eastern Finland and the hydrogen value chain. We are proud to be pioneers in developing the production of e-methanol in Finland through a trailblazing circular economy cooperation with Savon Voima,” says Herkko Plit, CEO of P2X Solutions.
“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,” says Lassi Noponen, Director General of Business Finland.
The planned production capacity of renewable hydrogen at the P2X Solutions’ Joensuu plant is 40 MW. The customer base for the plant’s end products would consist primarily of the marine and aviation sectors, which have very significant emission reduction needs.
The plant would be located in the Iiksenvaara industrial area in Joensuu, near the Savon Voima’s biopower plant. The P2X Solutions’ plant is a novel example of an integrated circular economy solution, as it is intended to utilize in its e-methanol production biogenic CO₂ captured from Savon Voima’s energy production. Additionally, Savon Voima will use the waste heat produced by the P2X Solutions’ plant and transfer it to the Joensuu district heating network.
More information:
Herkko Plit
CEO
P2X Solutions Oy
herkko.plit@p2x.fi
+358 50 462 0788
P2X Solutions is a Finnish pioneer in green hydrogen and Power-to-X technology. We are accelerating the rise of the hydrogen market holistically and innovatively in all areas of the value chain, and we have built Finland’s first industrial-scale green hydrogen and synthetic methane production plant in Harjavalta. We operate as a producer and distributor of green hydrogen and synthetic fuel, and we supply hydrogen plants in a customer-oriented manner and on a turnkey basis, when needed. We are making the world cleaner – together. https://p2x.fi/en
Business Finland is a Finnish public organization that provides innovation funding and internationalization services. It also promotes tourism and investment and attracts talent to Finland. The organization employs approximately 760 advisers at 37 locations world-wide and 16 locations in Finland. Business Finland is part of the Team Finland network. www.businessfinland.fi