Verso Energy eyes hydrogen, synthetic fuel plant

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. (Image: Verso Energy)

Verso Energy is considering building a hydrogen and synthetic fuel plant at the Port of Oulu in northern Finland.

“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,” said Antoine Huard, CEO of France-based Verso Energy. “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.”

A final decision is expected at a later date.

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.