MOSCOW (MRC) -- Finnish refining and renewable fuels company Neste has acquired a minority stake in Sunfire, a German developer and supplier of high-temperature electrolysers and electrolysis technology, said the company.
Electrolysis is the key technology in the power-to-X platform, enabling the production of emission-free renewable hydrogen and conversion of carbon dioxide (CO2) into fuels, chemicals and materials.
"Sunfire’s highly efficient technology and world-class expertise in power-to-X, together with our proven track record in commercialising new sustainable technologies, provides an excellent basis for further development of the power-to-X solutions," said Neste’s CEO, Peter Vanacker.
In addition to the equity investment, Neste will work with Sunfire on a project designed to demonstrate the production of renewable hydrogen, using Sunfire’s high-temperature electrolyser, Neste added.
Financial details were not disclosed.
Dresden, Germany-based Sunfire develops and produces high-temperature electrolysers and high-temperature fuel cells based on solid oxide cell technology.
As MRC informed earlier, Neste, together with several European Union Member States and forerunner companies representing different parts of the European plastics sector, have signed the European Plastics Pact in Brussels, Belgium. The European Plastics Pact aims to accelerate cross-border exchange and collaboration on a pan-European scale to supplement and support the already existing European and global commitments as well as the existing national and company initiatives on the circularity of plastics value chain.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).