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Swiss Energy Firm Alpiq Acquire Finnish Hydrogen Firm

Swiss Energy Firm Alpiq Acquire Finnish Hydrogen Firm

Fri, Apr 12th 2024

Swiss energy group Alpiq takes a major step in green energy, acquiring a majority stake in Finnish hydrogen producer P2X Solutions.

Keystone/Jenny Kane

The energy group Alpiq is expanding its activities in the field of hydrogen. It is acquiring a majority stake in the Finnish hydrogen producer P2X Solutions. The Finnish company will continue to operate as an independent company.

Alpiq announced on Friday that the Swiss energy group’s investment in P2X Solutions was mainly through a capital increase and the purchase of the minority stake held by a previous institutional investor.

Following this transaction, Alpiq holds 54.9% of the shares in P2X Solutions. The Swiss Group also has the option to increase its stake to up to 100% by the end of 2028.

The founding partner Herkko Plit will remain CEO and shareholder. No details were provided regarding the financial conditions.

P2X Solutions focuses on the production and distribution of green hydrogen and synthetic fuels (synfuels). The customers are Finnish industries, and the hydrogen is also used as a fuel for trucks, e-methane for feeding into the gas grid and e-methanol for the international market.

P2X Solutions is currently building Finland’s first industrial-scale production plant for green hydrogen in the Finnish town of Harjavalta, according to the company.

The plant is scheduled to go into operation at the beginning of 2025 and, with an installed electrolysis capacity of 20 MW, is one of the largest of its kind in Europe.

The energy group is convinced that hydrogen will play a key role in the decarbonisation of sectors.

©Keystone/SDA

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