Neste has withdrawn investment in a 120 MW electrolyser project, to produce renewable hydrogen at its Porvoo refinery in Finland. The decision follows the completion of the basic engineering phase, which commenced in May 2023.
The reasons behind the withdrawal are the company’s challenging market conditions and financial performance, requiring critical assessment of any new investments.
Markku Korvenranta, executive vice president for oil product business unit at Neste says: ‘While we are discontinuing the initial renewable hydrogen project, we are actively evaluating alternative pathways for securing renewable hydrogen in Porvoo. Our ambition remains to utilise renewable hydrogen at the Porvoo refinery, contributing also to fulfilment of the Finnish renewable fuels of non-biological origin distribution obligation.’
