The EU Innovation Fund was established to provide financial support to innovative energy projects that may require additional funding to be completed. Neste, a market leader in waste management and renewable biofuel production, has been granted backing from the EU Innovation Fund for its SCOOP renewable co-processing project at its refinery in Finland.
The EU Innovation Fund has selected 61 projects for funding
The EU Innovation Fund was established to advance innovative energy projects that could reshape the global energy industry as the need to diversify energy output across the world intensifies. Towards the end of last year, the Innovation Fund identified 61 projects across Europe that will receive funding.
Five Finnish projects were selected as part of the 61 approved applications. Finland has become a progressive nation thanks to its ambitions to increase renewable biofuel production through several projects being led by market-leading companies in Europe.
Renewable biofuel and diesel play an important role in decarbonizing the global energy market
Over the past few years, it has become abundantly clear to the world that we need to decarbonize the energy market to meet clean energy and emission targets. While the world still needs oil and gas, one method of decarbonization may be to increase biofuel and renewable diesel production.
Neste has now opted to expand its already impressive standing in the European energy market by establishing a co-processing facility for biofuels and renewable diesel at its Porvoo oil refinery in Finland. The company is a market leader in the production of sustainable aviation fuel (SAF) and renewable diesel, and has now received the backing of the EU Innovation Fund for its refinery project in Finland.
“Switching to renewable diesel is a cost-effective and straightforward process aiming to enhance sustainability. This fuel is fully compatible with existing diesel storage tanks, fueling equipment and vehicles eliminating the need for expensive new infrastructure.” – Advanced BioFuels USA
Neste aims to develop an entirely new co-processing technology in Finland
The company has some lofty ambitions for the Finnish project. Neste aims to establish an entirely new co-processing technology at its Porvoo oil refinery in Finland. SCOOP will make use of crude tall oil to produce vast amounts of sustainable biofuels as well as renewable diesel for the regional market.
Thanks to the significant funding allocation from the EU Innovation Fund, the project is now seen as strategically important for the European continent and may pave the way forward for other nations to follow suit and develop new, innovative projects that will deliver vast amounts of energy while not placing the climate in peril.
Crude tall oil is a residue created at mills from the use of pine wood, which mostly goes to waste. Neste aims to develop an all-new technology to process said residue and use it to create biofuels and renewable diesel, which will help Neste’s customers reduce their carbon footprint.
As several energy-rich nations aim to increase petrochemical production over the coming years, such as the Kingdom of Saudi Arabia, the market is in a constant state of evolution as nations and companies aim to meet clean energy and emission reduction targets by the end of the decade.
Neste is fostering a new era of decarbonization for the industry
The need to diversify the energy market is only matched by the challenge it faces in securing funding for innovative projects that will reshape the global industry. With geopolitical tensions rearing their ugly heads across the world at the moment, nations will need to invest heavily in diversifying their energy portfolios to meet clean energy and emission targets over the coming years. Neste is aiming to lead the way forward for the global energy industry.
