Convion takes an important step ahead by signing a loan agreement with Nefco, the Nordic Green Bank. Nefco’s investment will help to scale up Convion’s technology and the manufacture of electrolysers for the green hydrogen economy. Nefco is a financial institution founded by the Nordic countries and it finances projects in energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes. Convion’s solution helping decarbonization of hard-to-abate industrial sectors, is well aligned with the scope of Nefco’s portfolio and we are happy to work together in bringing green hydrogen into the mainstream, and helping industries to wean from dependence on fossil fuels and feedstocks. The financing agreement with Nefco provides an important boost for Convion in its technology commercialization efforts.
NEFCO PRESS RELEASE, Sep 22, 2022
Finnish company Convion Ltd receives financing from Nefco to accelerate the transition to the green hydrogen economy
Convion’s industrial-scale electrolysers provide green hydrogen for decarbonising fossil-intensive industries. Its field-proven mini-CHP (combined heat and power) fuel cell systems enable clean, reliable and efficient distributed power generation close to the point of consumption.
Nefco, the Nordic Green Bank has signed a loan agreement with Convion Ltd, a Finnish company specialising in solid oxide fuel cell (SOFC) systems for distributed power generation and green hydrogen production. The company’s scalable technology platform enables on-site generation of clean power or green hydrogen with premium efficiency.
Hydrogen is essential in decarbonising industrial processes and the energy sector, which are largely still based on fossil fuels. Many industrial sectors today consume hydrogen, of which the International Renewable Energy Agency (IRENA) estimates 95% to be of fossil origin. However, the green hydrogen opportunity extends beyond current hydrogen use and is predicted to replace fossil fuels and feedstocks especially in the metal, chemical and petrochemical industries. Additionally, the use of hydrogen as an energy storage medium facilitates increasing the share of power generation from variable renewable energy sources, opening up significant new opportunities when the entire energy system phases out fossil fuels.
Convion’s solution is a response to the global need for green hydrogen that can be used as an alternative to current fuels and inputs in a wide range of new applications. When commercialised, the solution has the potential to accelerate the transition towards the green hydrogen economy.
“We are excited to work with companies such as Convion that are at the forefront of technological innovation. Our investment will help to scale up Convion’s technology and the manufacture of electrolysers for the green hydrogen economy, which can lead to significant emission reductions,” says Helena Lähteenmäki, Investment Director at Nefco.
Convion is one of the signatories to the RePowerEU Plan, which is the European Commission’s plan to phase out Europe’s dependency on Russian fossil fuels well before 2030, in light of Russia’s invasion of Ukraine. The company aims to commercialise industrial-scale electrolysers for green hydrogen, which would contribute to the capacity boost needed in the EU.
“Our aim is to bring the green hydrogen economy into the mainstream by offering leading products for hydrogen production. The financing from Nefco will provide a strong base for the commercialisation of our technology,“ says Erkko Fontell, CEO of Convion.
The Convion team has extensive experience in fuel cell system technologies based on research started by Wärtsilä 20 years ago. Convion took over Wärtsilä’s fuel cell programme in 2013, since when Convion has commercialised leading fuel cell technology for power generation and extended the programme to hydrogen production.
Convion is currently collaborating with Neste to develop steam electrolysers (SOE) to produce the hydrogen needed for synthetic fuel production based on captured CO2 and renewable hydrogen. The company also recently closed a deal with Estonian Biometaan OÜ, a leading producer of agricultural biomethane and bio-fertilisers in Estonia, to deliver a biogas fuel cell system to Biometaan and to explore further opportunities in the Baltic region.
For further information, please contact:
Helena Lähteenmäki, Investment Director, Nefco
firstname.lastname@example.org, +358 10 6180 633
Erkko Fontell, CEO, Convion Ltd
email@example.com, +358 10 328 7360
About Convion Ltd
Established in 2012, Convion Ltd. is a leading fuel cell system developer commercialising solid oxide fuel cell systems for distributed power generation and hydrogen production in industrial and commercial applications. Our patented technology platform based on solid oxide fuel cells (SOC) products are designed for premium energy efficiency, reliability and operational flexibility. Convion provides its customers with sustainable power generation and hydrogen solutions for power security, energy independence and unparalleled fuel economy. Convion supports sustainable energy transition with high temperature electrochemical solutions. Solid oxide fuel cells at the heart of our power generating products are ideal for distributed power generation. Read more: www.convion.fi.
Nefco is an international financial institution, the Nordic Green Bank, that finances the initial scale-up of Nordic green solutions on global markets. Founded in 1990 by the five Nordic countries, Nefco has already financed and implemented over 1,500 projects in energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes, among others. To date, more than 600 Nordic growth companies have received financing from Nefco to scale up their green technologies and solutions on global markets. We serve the interests of our owners, Denmark, Finland, Iceland, Norway and Sweden, and work with concrete actions to accelerate the green transition aligned with the 2030 Agenda for sustainable development, the Paris Agreement, the EU Green Deal and the Nordic Vision 2030. Read more about us on www.nefco.int.