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Alpiq, a leading European energy company, has announced its acquisition of a majority stake (54.9 percent) in P2X Solutions, a pioneering Finnish hydrogen firm headquartered in Espoo. The move underscores Alpiq’s commitment to climate protection and bolstering supply security while positioning itself as a key player in Northern Europe’s green hydrogen production sector.
In a strategic move aimed at expanding its foothold in the Nordic region, Alpiq has acquired a 54.9 percent stake in P2X Solutions, a prominent developer focused on producing and distributing green hydrogen and synthetic fuels. This partnership, effective immediately, highlights Alpiq’s dedication to long-term investment in the Nordics, complemented by its recent power purchase agreements (PPAs) with major companies in the area.
The acquisition, primarily through a capital increase and the purchase of a minority stake from an institutional investor, grants Alpiq majority ownership with the option to increase its shareholding to 100 percent by the end of 2028. P2X Solutions will maintain its independence and continue to be managed on a partnership basis, with Herkko Plit retaining his position as CEO and shareholder.
P2X Solutions is currently spearheading the construction of Finland’s first industrial-scale green hydrogen production facility in Harjavalta, scheduled to commence operations in early 2025. With a capacity of 20 MW, it will be one of Europe’s largest electrolysis facilities, capable of producing synthetic methane and methanol as well. This initiative aligns with Alpiq’s strategy to integrate renewable energy and foster hydrogen-related activities.
Commenting on the partnership, Amédée Murisier, member of Alpiq’s Executive Board, highlighted P2X Solutions’ alignment with Alpiq’s hydrogen strategy and its potential to facilitate the integration of renewable energy. The collaboration is expected to yield synergies with Alpiq’s commercial activities, including power purchase agreements and asset management, while enabling expansion beyond Finland.
Herkko Plit, CEO of P2X Solutions, expressed enthusiasm about the strategic partnership with Alpiq, emphasizing its significance in scaling up their business and optimizing the value chain of renewable electricity, green hydrogen, and e-fuels.
Alpiq’s proactive approach to hydrogen reflects its recognition of its pivotal role in decarbonizing industries traditionally resistant to electrification. The company has been actively engaged in green hydrogen projects across Europe, including Switzerland, France, Spain, and Italy, since 2020.
Alpiq’s acquisition of a majority stake in P2X Solutions signifies a significant step towards advancing green hydrogen production in Finland and beyond, aligning with its commitment to sustainability and innovation in the energy sector. |
