US company Plug Power Inc has announced it plans to build three plants in Finland, at a cost of around US$6 billion, to produce green hydrogen and ammonia for the European market. Financing is presently being pursued for the projects (with a targeted mix of 25% equity and 75% debt), with a final investment decision to come in 2025 or 2026.

Finland is a particularly attractive location because its grid is already 87% renewable, making green hydrogen/ammonia production “much simpler and straight forward” in the words of CEO Andy Marsh. Plug Power has already gained access to land near three port cities in order to site the plants, which would make shipping easily accessible.

As much as 310,000 tonnes of hydrogen would be produced per year.