Nefco, the Nordic Green Bank has signed a loan agreement with Convion Ltd, a Finnish company specialising in solid oxide fuel cell (SOFC) systems for distributed power generation and green hydrogen production.
The company’s scalable technology platform enables on-site clean power or green hydrogen generation with premium efficiency.
Convion’s solution responds to the global need for green hydrogen that can be used as an alternative to current fuels and inputs in a wide range of new applications. When commercialised, the solution has the potential to accelerate the transition toward the green hydrogen economy.
Convion is one of the signatories to the RePowerEU Plan, which is the European Commission’s plan to phase out Europe’s dependency on Russian fossil fuels well before 2030, in light of Russia’s invasion of Ukraine.
The Convion team has extensive experience in fuel cell system technologies based on research started by Wärtsilä 20 years ago. Convion took over Wärtsilä’s fuel cell programme in 2013, since when Convion commercialised leading fuel cell technology for power generation and extended the programme to hydrogen production.
Convion is collaborating with Neste to develop steam electrolysers (SOE) to produce the hydrogen needed for synthetic fuel production based on captured CO2 and renewable hydrogen.
The company also recently closed a deal with Estonian Biometaan OÜ, a leading producer of agricultural biomethane and bio-fertilisers in Estonia, to deliver a biogas fuel cell system to Biometaan and to explore further opportunities in the Baltic region.
Erkko Fontell, CEO of Convion, said, “Our aim is to bring the green hydrogen economy into the mainstream by offering leading products for hydrogen production. The financing from Nefco will provide a strong base for the commercialisation of our technology.”
Helena Lähteenmäki, Investment Director at Nefco, said, “Our investment will help to scale up Convion’s technology and the manufacture of electrolysers for the green hydrogen economy, which can lead to significant emission reductions.”