Business Finland grants extensive aid for Vantaa Energy’s project on further processing of carbon dioxide
Business Finland has granted about EUR 500,000 for Vantaa Energy’s research and development work on solutions for the recovery and utilisation of carbon dioxide. In the project on further processing of carbon dioxide designed by Vantaa Energy, carbon dioxide is recovered from flue gases in energy production and then utilised in products with a long life cycle. That way the carbon balance of Finnish energy industry can be improved considerably promoting a sustainable carbon cycle.
Business Finland’s grant of about EUR 500,000 enables Vantaa Energy’s research and development work on solutions for the recovery and utilisation of carbon dioxide. Vantaa Energy is planning to recover carbon dioxide from the flue gas flows of its own energy production. Recovered carbon dioxide is utilised as raw material in products with a long life cycle to replace fossil materials used in the manufacture of plastics. The research work will be completed by the end of 2024. The research work supports Vantaa Energy’s strategy to create new, innovative and environmentally friendly technology solutions for paving the company’s way towards carbon negativity in 2030, also reducing carbon dioxide emissions elsewhere in Finland and abroad as a result of multiplication of the solutions.
Carbon dioxide emissions must be greatly and rapidly reduced in order to mitigate climate change. Achieving the targets requires innovation and capacity for implementation of different sectors, as well as funding to develop carbon neutrality in production and operating processes. The recovery and further processing of carbon dioxide into products of a long life cycle enable improvement of the carbon balance of industry and promote a sustainable carbon cycle. Vantaa Energy’s project on further processing of carbon dioxide is part of the Forest CUMP project for seeking solutions, e.g. for further processing of carbon flows produced in the forest industry.
– Achieving the climate targets requires extensive utilisation of emissions reduction solutions. Processing of carbon dioxide into permanent products is a method of binding carbon back to circulation instead of climate emissions, if the production of carbon dioxide cannot be avoided with other measures. The funding from Business Finland will accelerate our technology and process development of emissions reduction solutions and is also a recognition of our ability to innovate and implement significant emissions reduction projects, says Vantaa Energy’s CEO Jukka Toivonen.
– Sustainable development themes are at the centre of Business Finland’s strategy. Vantaa Energy is seeking solutions to utilise recovered carbon dioxide without prejudice. The company has successfully implemented the steps of its published roadmap towards carbon neutrality, and this is the next step on that path. The project is a great example of how Finnish local energy companies have started seeking new initiatives in addition to energy production by utilising their solid traditional expertise and solutions in circular economy. At the same time, the funded project will create a basis for significant exports of hydrocarbon products and raw materials of new technology, describes Jussi Åkerberg, Account Lead, Energy, Infrastructure and Process at Business Finland.
Jukka Toivonen, CEO, Vantaa Energy Ltd
tel. +358 50 453 6729
Jussi Åkerberg, Account Lead – Energy, Infrastructure and Process, Business Finland.
tel. +358 50 441 1199
Vantaa Energy Ltd
Vantaa Energy is one of Finland’s largest city energy companies. We produce heat, electricity and energy-efficiency services. We enable a smooth everyday life for our customers with climate-friendly, constantly developing services.
The energy sector plays a significant role in the mitigation of climate change. We want to be part of the solution. We are a growing circular economy energy company that invests in finding carbon-neutral energy solutions. We will phase out the use of fossil fuels by 2026 and progress towards carbon negativity in 2030. www.vantaanenergia.fi
Business Finland is a Finnish public-sector operator which offers innovation funding and internationalisation services and promotes tourism and investments in Finland. The organisation employs 760 specialists in 40 global locations and 16 offices in Finland. Business Finland is part of the Team Finland network. www.businessfinland.fi