Alpiq acquires majority stake in the Finnish firm P2X Solutions

12 April 2024 12:17

CleantechAlpsSPINGreater Geneva Bern

Lausanne/Espoo - Alpiq has acquired a majority stake in the Finnish hydrogen pioneers P2X Solutions with immediate effect. In so doing, the Lausanne-based energy group is set to become one of the leading companies in Northern Europe in the production of green hydrogen.

Alpiq is now the majority owner of the Finnish hydrogen pioneer P2X Solutions. According to a press release, this investment comes primarily in the form of a capital increase. In addition, the energy group has acquired a minority stake in an existing institutional investor, as a result of which Alpiq now holds a 54.9 percent stake in P2X Solutions, with the option to increase its stake to up to 100 percent by the end of 2028. P2X Solutions will be managed on a partnership basis and continue to be run as an independent company, with founding partner Herkko Plit to remain in post as CEO and a shareholder.

P2X is a Power-to-X developer. Power refers to the temporary surplus of green electricity that exceeds demand and X stands for the form of energy or intended use. The company focuses on the production and distribution of green hydrogen and synthetic fuels, on green hydrogen for use in a range of industries or as fuel for trucks, on e-methane to be fed into the gas network or e-methanol for the international market.

Accordingly, in a next step, P2X is keen to expand from the Finnish market into other Scandinavian countries. “With Alpiq, we can optimize our value chain of renewable electricity, green hydrogen and e-fuels”, comments P2X CEO Herkko Plit in the press release.

In the city of Harjavalta in southwest Finland, P2X Solutions is building Finland’s first facility for the production of green hydrogen on an industrial scale. This production plant is scheduled to go into operation in early 2025.

According to the press release, this takeover will result in synergies with Alpiq’s power purchase agreement (PPA) business in Scandinavia, the B2B sales activities, the expansion of Alpiq’s range to include hydrogen, and Alpiq’s flexibility expertise in the field of asset management. ce/mm

Swiss Pavilion Digital

Previous newsletters