Aerial view of the planning reservation area and option area in Oritkari, Oulu. Picture by the City of Oulu.
French company Verso Energy is reserving a site for a new plant to produce hydrogen and synthetic fuels at the Port of Oulu, northern Finland. Verso Energy has already launched several projects in France to build hydrogen and synthetic fuel plants. Verso Energy’s synthetic fuel production in France will be based on the company’s renewable hydrogen production and carbon dioxide recovered from sources such as paper and pulp mills close to the plant. The company offers its synthetic fuels for use in both aircraft and ships.
“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 carbon dioxide. The University of Oulu, with its extensive research into hydrogen, alongside the large R&D investments in the area, ensures a sufficient talent pool. 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,” says Antoine Huard, CEO of Verso Energy.
Electricity in Finland is among the cheapest in Europe. 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 Oulu region is the largest producer of renewable electricity in Finland.
Other hydrogen production and H2 derivative projects have already been initiated in the Oulu region. Gasgrid Finland is planning to establish a hydrogen transport infrastructure to connect Oulu’s hydrogen production with the rest of Finland and other European countries.
This land reservation is only a preliminary decision; a final investment decision will be made at a later stage. The project is expected to create a significant number of jobs in the Oulu region, and the scale of the investment is substantial.
AFRY Finland, an expert involved in evaluating the operators, has assessed the likelihood of the project’s realisation as high. The company has a clear business plan and focus.
“We warmly welcome Verso Energy to Oulu. The project’s financing is well organised, and the company is supported by the financial resources of its owners. They also have a proven record of raising substantial funding for other projects,” says Veikko Lehtinen, City Geodesist from the City of Oulu.
Verso Energy will reveal details about the project at the Northern Power event in Oulu on 13 February 2025. Northern Power will bring together hundreds of international industry leaders, innovators, researchers and policymakers to discuss the future of hydrogen energy in the Nordic region.
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About Verso Energy : VERSO ENERGY is a carbon-free energy company specializing in the development of projects designed to make possible a decarbonized and competitive energy mix with a high proportion of renewable energies. Co-founded by Xavier Caïtucoli and Antoine Huard, VERSO ENERGY is a new player in the energy transition specializing in the development, financing and operation of carbon-free energy production assets More information is available at www.verso.energy
About Oulu GH2 — Together towards green hydrogen business in Oulu and Northern Finland project aims to create a centralized hydrogen economy innovation ecosystem operating model for the region of Oulu and North Ostrobothnia. As part of the project, the hydrogen valley of the Bothnian Bay will be built by sharing information and bringing actors together, sharing news and best case studies, and effectively communicating them to different parts of the network by BusinessOulu. Oulu GH2 is funded by the Council of Oulu Region, which finances the project as part of the EU programme: A Rejuvenating and Skilled Finland 2021–2027, the EU’s regional and structural policy programme. JTF fund.