P2X Solutions has made an investment decision to construct Finland’s first green hydrogen production plant in Harjavalta

P2X Solutions, a Finnish pioneer in green hydrogen and power-to-x technology, has made an investment decision of EUR 70 million to construct Finland’s first industrial-scale green hydrogen production plant and methanation unit in Harjavalta. The company’s decision was preceded by a financing round, in which the company signed several financing agreements with domestic and international investors and partners. In addition, the financing round included a decision by the Ministry of Employment and the Economy on a significant grant as well as the Climate Fund’s decision on a capital loan for the project already in December 2021. As the final step, the company has agreed on a EUR 5 million equity investment and a EUR 20 million equity-like shareholder loan with Prime Capital AG, an independent asset management firm, based in Germany, specializing in alternative investments and in international infrastructure projects.

P2X Solutions produces green hydrogen completely emission-free by electrolysis of water using renewable energy sources. The company further processes some of the green hydrogen into renewable synthetic fuels, such as synthetic methane. The heat and oxygen generated as by-products of the process can be utilized in industrial processes.

Construction work on the 20 MW green hydrogen production plant in Harjavalta Industrial Park will begin in autumn 2022. The plant is scheduled for completion in the first half of 2024. The goal of P2X Solutions is to implement further green hydrogen production plants with the same concept, and preparations for the following plants have already started.

“It is great to have Prime Capital with us, they invest in future green energy solutions and are also interested in providing long-term funding for our company. Our investment in Harjavalta will launch the Finnish green hydrogen market and be a step towards a zero-emission welfare society. A well-functioning hydrogen market will enable the industry and transport sectors to move towards a zero-emission energy and raw material economy. By accelerating this development, we will ensure keeping pace with the rest of Europe and moving towards achieving our emission reduction targets”, says Herkko Plit, CEO of P2X Solutions.

“This is a landmark investment for Prime Capital, significantly expanding our green hydrogen footprint. We are very happy to invest alongside an experienced management team and are looking forward to a fruitful cooperation with P2X Solutions”, added Mathias Bimberg, Head of Infrastructure at Prime Capital AG.

The Harjavalta green hydrogen production plant reduces Finland’s CO2 emissions by about 40 thousand tons per year.

More information:

Herkko Plit, CEO
+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. 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/

About Prime Capital:

Prime Capital AG is an independent asset management firm and financial services provider, owned by management and employees. The company specializes in Alternative Investments, in particular in Absolute Return, Infrastructure, including Renewable Energies and Private Debt. Furthermore, the company offers Access Solutions as well as Investment Advisory & Solutions. Prime Capital was founded in 2006, currently employs around 120 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF.

As of September 2021, Prime Capital has approximately EUR 9.6 bn Assets under Management and Assets under Administration.