Solvay and Nordic Ren-Gas to receive funding from the EU Innovation Fund
The European Commission has selected 85 innovative net zero projects to promote the deployment of cutting-edge clean technologies across Europe. The Solvay and Nordic Ren-Gas hydrogen-related projects in Finland will also receive EU funding.
Solvay Chemicals will receive a grant of EUR for a project to produce hydrogen peroxide. This project will see a 30MW electrolyser installed at its factory in Kouvola. The company's Voikka plant used to produce hydrogen peroxide from natural gas, but has had to find a substitute for Russian natural gas since Russia invaded Ukraine. Solvay's carbon neutrality targets have also accelerated the move away from natural gas. Hydrogen peroxide is used for bleaching pulp, textiles and as a disinfectant. The company accounts for more than 50% of hydrogen peroxide sales in Finland.
Nordic Ren-Gas is receiving support for an electric fuel production plant planned for Kotka, which will also use carbon dioxide capture. The company won the first EU hydrogen auction in May, which provided €45 million in financing for its second hydrogen production plant in Lahti.
The EU's Innovation Fund supports projects that reduce greenhouse gas emissions, promote renewable energy, improve energy efficiency and enable emission reductions in energy-intensive industries. In particular, the Innovation Fund will support projects that can significantly reduce Europe's carbon footprint while increasing economic growth and competitiveness in a sustainable way. Funding is based on revenues from the EU Emissions Trading Scheme (ETS).
