EMEA News
Finland's P2X Solutions Gets Funding for Green Shipping Fuels Project
As regulatory pressure on shipping to decarbonise grows, the industry is gradually shifting towards cleaner fuels like e-methanol, which is expected to be a key fuel in the short to mid-term before hydrogen takes hold.
Supporting this shift, P2X Solutions has secured €60 million ($62 million) from Business Finland to develop a renewable hydrogen and e-methanol plant in Finland's Joensuu.
This funding will strengthen confidence in the project's final investment decision, set to be made later this year, P2X Solutions said in a statement on its website on Wednesday.
P2X Solutions plans to achieve a production capacity of 40 MW of renewable hydrogen, with the e-methanol and hydrogen output primarily targeting the shipping and aviation sectors.
One of the key elements of e-methanol production is biogenic CO2, which the plant will source from the nearby Savon Voima biopower plant. Meanwhile, the heat generated at the P2X Solutions plant will be transferred to Joensuu's district heating network.
"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," Herkko Plit, CEO of P2X Solutions, said.
