Swiss ‘s Alpiq Secures Majority Ownership of Finnish Hydrogen Firm P2X Solutions
Swiss ‘s Alpiq Secures Majority Ownership of Finnish Hydrogen Firm P2X Solutions

Swiss ‘s Alpiq Secures Majority Ownership of Finnish Hydrogen Firm P2X Solutions

  • 16-Apr-2024 11:40 AM
  • Journalist: Jacob Kutchner

Swiss energy services provider Alpiq and Finnish green hydrogen firm P2X Solutions have reached a pivotal financial agreement, wherein Alpiq will inject approximately €47 million into P2X, securing a majority ownership stake of 54.9%. Alpiq also disclosed its option to potentially escalate its ownership to 100% by the close of 2028. Notably, P2X will maintain its independence as an entity and continue to operate under a partnership model. Herkko Plit, a founding partner, will retain his position as CEO and remain a shareholder.

P2X Solutions specializes in Power-to-X technology, with a core focus on the production and distribution of green hydrogen and synthetic fuels. While currently centered in the Finnish market, Alpiq indicates P2X's strategic intention to expand its operations into other Nordic countries in subsequent phases. The company is in the process of constructing a substantial industrial-scale green hydrogen production facility in Finland, boasting an installed electrolysis capacity of 20 MW, positioning it as one of Europe's largest facilities of its kind. This facility is slated to commence operations in early 2025.

Alpiq views its partnership with P2X Solutions as an opportunity to not only engage in green hydrogen and Power-to-X initiatives but also to extend its reach beyond Finland. The synergy between P2X's activities and Alpiq's commercial ventures, particularly in origination and trading, as well as Alpiq's existing project pipeline in the hydrogen sector, is emphasized.

Amédée Murisier, a member of Alpiq's executive board, underscored the alignment of P2X Solutions with Alpiq's strategic objectives, particularly in the realm of hydrogen initiatives. Murisier expressed satisfaction in leveraging CEO Herkko Plit's expertise and team to bolster Alpiq's presence in Finland while advancing renewable energy integration.

CEO Herkko Plit echoed sentiments of enthusiasm, highlighting Alpiq's stature as a prominent European energy entity and emphasizing the strategic significance of the partnership. Plit emphasized that the collaboration with Alpiq not only fortifies P2X's position but also facilitates the scaling up of its operations. Additionally, Plit highlighted the potential for optimizing the value chain encompassing renewable electricity, green hydrogen, and e-fuels in collaboration with Alpiq.

P2X Solutions, headquartered in Espoo, Finland, stands as a trailblazer in green hydrogen and Power-to-X technology. With a dedicated team of 14 employees, the company is driving forward the hydrogen market's evolution comprehensively and innovatively across all facets of the value chain. P2X Solutions serves as both a producer and distributor of green hydrogen and synthetic fuels, providing tailored hydrogen solutions to customers and offering turnkey hydrogen plant solutions as required.

Alpiq, a prominent energy services provider and electricity producer based in Switzerland, boasts a significant presence across Europe. The company is renowned for delivering comprehensive and effective services in energy generation, marketing, and optimization. With over a century of experience, Alpiq has been a stalwart in producing climate-friendly and sustainable electricity through carbon-free Swiss hydropower.

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