Neste Oyj: to receive funding from the European Innovation Fund for a chemical recycling project in Porvoo

Neste Corporation, press release, July 13, 2022 at 9:00 a.m. (EET)

Neste has received a positive grant decision of up to €135 million from the European Innovation Fund for the company’s project to boost chemical recycling capabilities at its Porvoo refinery in Finland. The PULSE (“Pretreatment and Upgrading of Liquefied Waste Plastic to Scale Up Circular Economy”) project aims to implement Neste’s proprietary technologies to pretreat and upgrade liquefied plastic waste and integrate the technologies into refining operations. The PULSE project targets pre-treatment and recovery capacities of 400,000 tonnes per year, contributing to Neste’s goal of treating more than one million tonnes of plastic waste per year from 2030. A feasibility study assessing the investments related to PULSE was announced in March 2022. Preparation for the investment decision is planned for 2023 and the phased implementation is expected to start in 2024.

The PULSE project plays an important role in commercializing the chemical recycling of waste plastics as it helps to scale up chemical recycling and close the quality gap between unprocessed liquefied plastic waste and the raw material needs of industry. petrochemical. When scaled up, chemical recycling can help tackle plastic waste pollution by increasing plastic recycling rates and reducing dependence on virgin fossil resources.

“We are delighted to be among the projects selected by the European Innovation Fund,” said Mercedes Alonso, Executive Vice President Neste Renewable Polymers and Chemicals. “While showing recognition and faith in our work on chemical recycling, the funding also highlights the importance of the approach itself. If we want to move towards a circular economy for polymers and chemicals, chemical recycling will have a major role to play.

The European Innovation Fund is one of the world’s largest funding programs for the demonstration of innovative low-carbon technologies. This year, the Fund is granting more than €1.8 billion to 17 large-scale projects contributing to a low-carbon society. Following the positive grant decision, individual grant agreements will be prepared with the European Climate, Environment and Infrastructure Executive Agency (CINEA) in charge of the Innovation Fund.

Neste Company

Susanna Sieppi
Vice President, Communications

Further information :

Please contact the Neste media department, tel. +358 800 94025 / [email protected] (weekdays from 8:30 a.m. to 4:00 p.m. EET).

Nest in a nutshell

Neste (NESTE, Nasdaq Helsinki) creates solutions to fight climate change and accelerate the transition to a circular economy. We refine waste, residues and innovative feedstocks into renewable fuels and sustainable feedstocks for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and are developing chemical recycling to tackle the challenge of plastic waste. Our goal is to help our customers reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons per year by 2030. Our ambition is to make the oil refinery of Porvoo in Finland the most sustainable refinery in Europe by 2030. We introduce renewable and recycled raw materials such as liquefied plastic waste as refinery raw materials. We are committed to achieving carbon neutral production by 2035 and will reduce the carbon intensity of products sold by 50% by 2040. We have also set high standards for biodiversity, human rights people and supply chain. We have consistently been included in the Dow Jones Sustainability Indexes and the Global 100 list of the world’s most sustainable companies. In 2021, Neste’s turnover amounted to 15.1 billion euros. Find out more: www.neste.com