While the announcement does not constitute a final investment decision (FID), the German energy firm will begin preparing more detailed plans for the project ahead of an event on 12 February 2026.

The company has not disclosed how much green hydrogen and e-fuels will be produced in Oulu.

Hy2Gen’s 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 here.

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.

Janne Hietaniemi, Key Account Director of BusinessOulu, explained that the region benefits from a combination of low-cost clean energy, strong R&D expertise at the University of Oulu, strategic connectivity through the EU’s TEN-T transport network, and a planned hydrogen infrastructure.

“Furthermore, Gasgrid Finland is planning to establish a hydrogen transport infrastructure to link Oulu’s production capacity with other regions in Finland and across Europe,” Hietaniemi added.

In addition to the 200MW plant in Oulu, Hy2Gen has 3.4GW of projects in planning and construction across Germany, France, Norway, and Canada.

The company 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.

The rules require green hydrogen producers to source renewable energy that meets the criteria of additionality, time-matching, and grid correlation.