Neste Wins EU Funding

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Finnish SAF producer Neste will receive €88 million ($100 million) from the EU’s Innovation Fund toward carbon capture and storage (CCS) and an electrolysis project to further decarbonize fuels produced at its Porvoo refinery. Porvoo is one of seven large-scale projects in hard to decarbonize sectors that the EU has handed more than €1.1 billion in funding. "We are proud to have been selected as one of the seven granted projects out of more than 300 applicants in one of the world’s largest funding programs for the demonstration of innovative low-carbon technologies ... The funding for this project strongly supports our ambition to make Porvoo the most sustainable refinery in Europe by 2030," said Neste President and CEO Peter Vanacker in a Nov. 17 statement. Currently in the feasibility stage, Neste says the project could reduce overall Porvoo emissions by more than 4 million tons of CO2 in its first 10 years of operation. Neste wants to gather a network of leading European technology suppliers and R&D institutes to lay the foundation for a world-class European hub for renewable hydrogen and CO2 utilization.

Biofuels (incl. SAF), Refining, Carbon Capture (CCS)
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