P2X Solutions Secures Funding for Renewable Hydrogen and E-Methanol Plant in Finland
Key Ideas
- P2X Solutions has secured €60 million from Business Finland to develop a renewable hydrogen and e-methanol plant in Joensuu.
- The project aims to produce 40 MW of renewable hydrogen, targeting the shipping and aviation sectors.
- The plant will source biogenic CO2 from a nearby biopower plant and transfer excess heat to Joensuu's district heating network.
- The funding will strengthen confidence in the project's final investment decision, expected later this year, promoting the development of synthetic fuels market.
The shipping industry is transitioning towards cleaner fuels like e-methanol in response to growing regulatory pressure to decarbonize. P2X Solutions, with a €60 million funding from Business Finland, is set to develop a renewable hydrogen and e-methanol plant in Joensuu, Finland. This investment aims to boost the production capacity of renewable hydrogen to 40 MW, with a focus on supplying the shipping and aviation sectors. The plant will utilize biogenic CO2 sourced from a nearby biopower plant for e-methanol production and will contribute excess heat to Joensuu's district heating network. CEO Herkko Plit stated the grant will advance the European and Finnish synthetic fuels market, bringing the Joensuu plant closer to the final investment decision. This development signifies a positive step towards cleaner energy solutions in the maritime and aviation industries.