French-based Verso Energy is reserving a site at Finland’s Port of Oulu to build a new hydrogen and synthetic fuels production plant.
Looking to use the Scandinavian country’s low electricity costs, Verso plans to build on its plans to host e-fuel production in France. This production is expected to use green hydrogen and capture CO2.
According to Verso, the northern Oulu region posed an attractive location due to its low-cost power, biogenic CO2 and existing business ecosystem.
“In the first half of 2024, the price of electricity for non-household customers in Finland was the lowest in the EU (€0.0939 per kWh),” the company said.
The firm also highlighted the existing hydrogen and derivative projects in the region, including GasGrid Finland’s plans to build a hydrogen pipeline to connect Oulu’s production with other European nations.
Read more: Nordic and Baltic TSOs complete pre-feasibility study on hydrogen pipeline
While the land reservation comes just as a “preliminary decision,” Verso claims AFRY Finland assessed the likelihood of the project’s realisation as “high.”
“We are interested in building a plant for high value-added production in Oulu because the region provides an abundance of affordable renewable energy and biogenic CO2,” said Verso CEO, Antoine Huard.
“The existing business ecosystem also offers us potential customers and subcontractors. As part of the TEN-T core transport network, the Port of Oulu, with its rail and road links, provides good connections to the rest of the world.”
Verso is currently planning a 300MW green hydrogen production project in Moselle, France, which is expected to come online between 2027 and 2030. It also has concept plans for an e-fuel plant in Rouen.
Why hydrogen-based e-fuels are on the rise
