Whilst only a preliminary plan, the development will take place in 2-3 phases, with the first planned to be operational around 2034-2036.

Additionally, ABO will explore the possibility of producing methanol and sustainable aviation fuel (e-SAF) in Oulu – however, this will depend on the availability of biogenic carbon dioxide. The company would offer the waste heat generated for use as district heating in the region.

ABO Energy Suomi Oy, owned by ABO Energy KGaA, will implement the plant in the industrial area of Pyyryväinen.

As the land reservation is only a preliminary decision, a final investment decision (FID) will be made at a later date.

Finland was chosen due to its cheap electricity prices, ABO said in an online statement. Head of Development at ABO Energy Finland, Amanda Cardwell, explained, “Finland is an incredibly attractive destination for investment, thanks to our abundant, affordable green electricity and exceptional capacity to scale up production.”

Furthermore, the Oulu region is reportedly the largest producer of renewable electricity in Finland. “Our unique strength as a company lies in our ability to supply renewable energy to hydrogen projects directly through our wind energy portfolio,” Cardwell added.

Numerous other hydrogen and hydrogen-derived projects have been announced for the Oulu region.

Earlier this year, French energy firm Verso Energy revealed plans to develop a plant in the region capable of producing 80,000 tonnes of hydrogen-based e-SAF per year.

And last year, Oulu Energy unveiled plans to build a 100MW electrolysis plant, also with additional e-fuel production, heat recovery and oxygen offtake ambitions.