The City of Oulu, Finland, and French company Verso Energy have signed a co-operation agreement at the Northern Power forum aiming to build a hydrogen processing plant in Oulu.
Verso Energy intends to construct a plant with a yearly production capacity of 80 000 t of sustainable aviation fuel (SAF). The estimated value of the project is €1.4 billion, and it is expected to create 250 jobs.
Signing the agreement strengthens the City of Oulu’s status as a key hydrogen hub in the Nordics. Verso Energy’s plant in the port area of Oulu will be the largest of its kind in Finland so far.
Antoine Huard, CEO of Verso Energy, stated at the Northern Power forum in Oulu that the biggest city within the Arctic region has everything it takes to produce emission-free aviation fuel in an environmentally friendly way.
“Finland is a very attractive country for e-SAF production, and the Oulu site has all the qualities to be a very competitive site at the European level,” Huard said.
“Successful collaboration with the City and Port of Oulu has been key to the project's development, showcasing Finland's potential to combine job creation, industrial growth, and sustainability,” he added.
Verso Energy has several hydrogen and synthetic fuel plants in pipeline in France, but the plant being planned for Oulu, is among the company’s first projects abroad. Verso Energy offers synthetic fuels for both aircraft and ships.
Starting in 2025, fuel used at the EU's largest airports must include a 2% blend of. SAF. Currently, there are no SAF production plants in Finland.
The agreement ensures that the City of Oulu will advance the zoning of the Port of Oulu’s green transition industrial area, aligning the requirements and goals of both the Verso Energy and the city.
Marko Kilpeläinen, Director of Urban Environment Services for the City of Oulu, highlights fluent co-operation as Finland’s strength in attracting green transition investments.
"In Finland, the zoning process can run parallel to a company's project planning, offering more flexibility compared to some other countries," Kilpeläinen pointed out.
The co-operation agreement remains in effect until the end of 2026, during which both parties work toward the implementation agreement, defining threshold investments, and the division of responsibilities.
"I am glad that Verso's project has progressed so smoothly. This indicates that our city has a valuable role to play in the green transition. I want to thank our experts for their efforts so far and Business Finland for facilitating the contact with Verso Energy,” commented Ari Alatossava, Mayor of Oulu.