Finnish venture capital firm Lifeline Ventures became a new shareholder in green hydrogen producer and Power-to-X technology pioneer P2X Solutions in a EUR 2 million directed share issue organized by the company. In addition to early-stage financing, Lifeline Ventures brings along its extensive experience and valuable expertise to the growth company.
“Hydrogen solutions are being built around the world in all energy sectors, production, storage and distribution. Hydrogen will likely become a big part of the green energy of the future. This company has a concrete solution and a very experienced team in place”, describes Timo Ahopelto, partner in Lifeline Ventures.
Timo Ahopelto will also join the board of P2X Solutions. Marjo Miettinen, who will continue as a member of the board, also became a shareholder in the company. Esa Härmälä will continue as Chairman of the Board.
P2X Solutions has completed the concept of the first industrial-scale green hydrogen production plant and begun its Front-end Engineering Design. The plant is intended to be replicable elsewhere in Finland and around the world. In addition, the company has investment plans for building a hydrogen distribution infrastructure. P2X Solutions has applied investment support from the national grant mechanisms for the first plant. The now secured funding will allow the project to proceed as planned.
“Green hydrogen is a key factor in achieving the world’s emissions reduction targets. I am very pleased that Lifeline Ventures sees the potential of green hydrogen as well, and as they join us, we will further strengthen our position as a pioneer in the field in Finland. We are continuing at full speed as planned, aiming for an investment decision this year and the start of construction of the first hydrogen plant in 2022”, says Herkko Plit, founder and CEO of P2X Solutions.
The potential of green hydrogen as a carrier of clean energy and enabler of sustainable solutions from plastic production to food production has been recognized worldwide. Research and development work and ready-made implementations with a high degree of processing have considerable export opportunities.
Herkko Plit, CEO
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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. We operate as a producer and distributor of green hydrogen and synthetic fuel, and we deliver hydrogen plants in a customer-oriented manner, if necessary, on a turnkey basis. We will make the world cleaner – together. https://p2x.fi/