Fortum, a leading energy company, is set to invest in a new hydrogen test facility next to the Loviisa nuclear power plant in Finland. The pilot plant, which will have two electrolyzers using alkali and PEM technology, is expected to be operational by the end of 2025. The value of the project is 17 million euros and will be financed entirely from Fortum’s research and development funds.
The pilot project is part of Fortum’s strategy to explore the business opportunities related to hydrogen production. By conducting the project mainly in-house, Fortum aims to gather knowledge about hydrogen production technology, operation, maintenance, and safety. The facility will also allow Fortum to evaluate its role in the entire hydrogen value chain.
Hydrogen production is critical for transitioning to greener energy sources as clean hydrogen can replace fossil hydrocarbons. Fortum’s investment in this pilot plant marks its first step into exploring small-scale projects related to hydrogen technology in Nordic countries. Additionally, Fortum is also considering potential investments in small modular nuclear reactors as part of its core business activities.
Sipula emphasizes that understanding not only technical aspects but also market dynamics are crucial when it comes to hydrogen production. Fortum aims to position itself strategically in the growing market for clean hydrogen and its derivatives by considering its role as a producer or partner in downstream activities. The company plans to update its strategy for hydrogen technology after 2028 based on market conditions and evolving business opportunities.
In summary, Fortum’s investment in a new hydrogen test facility marks a significant step towards transitioning towards greener energy sources by exploring the business opportunities related to small-scale projects related to hydrogen technology in Nordic countries while also considering potential investments in small modular nuclear reactors as part of its core business activities.
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