Enersense International Plc (developer of zero-emission energy solutions) has agreed on an equity investment of €13–18 million in P2X Solutions Oy (a green hydrogen production company).
Enersense would subscribe for new shares in P2X, increasing the holding in P2X will be around 16.3–22.5%. Enersense would also have the status of the preferred supplier for Finland’s first green hydrogen production plant, which P2X will build in Harjavalta, Finland, and maintenance provider once the plant is in operation. The value of the cooperation is estimated at around € 7–8 million, spread over the years 2022–2024, and will continue in terms of maintenance and operation.
The Harjavalta plant will produce green hydrogen from renewable electricity for industrial and other needs. Its capacity will be 20 MW, and it will also produce oxygen and thermal energy as side streams for the industry. The goal is to start construction in Harjavalta in the autumn of 2022, and commissioning is scheduled for the first half of 2024.
The completion of the investment and cooperation arrangement is conditional mainly on support from the Ministry of Economic Affairs and Employment to P2X to construct the Harjavalta plant. P2X has applied to support €25 million to the Ministry of Economic Affairs and Employment in February 2021. The investment agreement’s closing is expected to occur by the end of January 2022.
Jussi Holopainen, CEO, Enersense International Plc, said, “Enersense’s holding in P2X will increase Enersense’s role in the value chain for zero-emission energy solutions.”
He further added, “Hydrogen will become an important energy source in sectors not suitable for electrification.”