In a joint announcement the pair pointed to collaborating to plan constructing the facility on the green transition industrial area in Vihreäsaari.
Hy2gen initially secured the land for the plant in November 2025, and a further cooperation agreement defining details of the process is expected within 2026.
Its proposed plan is expected to position Oulu as the largest hub for synthetic fuel production in the Baltic Sea region based on the number of power-to-X projects being developed.
This includes Verso Energy’s €1.4bn sustainable aviation fuel (SAF) facility, which will produce up to 80,000 tonnes per year of the hydrogen-based alternative.
Hege Økland, Managing Director of Hy2gen Nordic AS said the proposed site is highly fitting for developing hydrogen-based industrial solutions.
The plant would add to several hundred megawatts worth of green hydrogen projects that the company has in planning and construction across Germany, France, Norway, and Canada.
In December 2025, Hy2Gen signed a letter of intent with Plug Power to procure a 5MW electrolyser for its project in France.
It is developing, financing, constructing, and operating facilities in accordance with the EU’s Renewable Fuels of Non-Biological Origin (RFNBO) regulation.
Its 6.3MW green hydrogen and e-methane plant in Werlte, Germany, secured certification under EU regulations for RFNBOs last May.
Hy2gen’s multi-continent, multi-fuel hydrogen push
By developing projects across different geographies and producing different green hydrogen-based fuels, Hy2gen hopes to avoid pigeonholing itself in a market still finding its feet.
The German-based firm’s CEO, Cyril Dufau-Sansot, told H2 View by planning to produce hydrogen and derivatives like ammonia, e-methanol, and synthetic aviation fuel (e-SAF), Hy2gen could capitalise on local advantages and regulatory systems.