Alpiq acquires a majority stake in the Finnish hydrogen pioneer P2X Solutions

Lausanne – Alpiq emphasises its commitment to climate protection and strengthening the security of supply by acquiring a majority stake (54.9 percent) in the Finnish hydrogen pioneer P2X Solutions, which is headquartered in Espoo. The partnership-based participating interest is effective immediately, although P2X Solutions will remain an independent company. This acquisition shows that Alpiq is strengthening its position in the Nordic countries and becoming one of the leading companies in Northern Europe in the production of green hydrogen.

Photo: P2X Solutions

Alpiq acquires the majority stake in the Finnish hydrogen pioneer P2X Solutions. The participating interest primarily takes the form of a capital increase and the purchase of the minority stake of an institutional investor. Following this transaction, Alpiq holds 54.9 percent of the shares in P2X Solutions and has the option to increase its shareholding 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 and founding partner Herkko Plit will remain as the CEO and as a shareholder.

Alpiq’s investment underlines its long-term commitment in the Nordics. Alpiq has been present with its own team in this market, and especially Finland, for several years and has also recently concluded several PPAs (power purchase agreements) with large companies in the region.

20 MW production facility for green hydrogen is already under construction

P2X Solutions is a Power-to-X developer focusing on producing and selling green hydrogen and synthetic fuels. Green hydrogen is used in various Finnish industries or as fuel for trucks; e-methane for feeding into the gas grid and e-methanol for the international market. The company is currently mainly active on the Finnish market but plans to expand into other Nordic countries in the next stage. P2X Solutions has an experienced project development team and a large network in the region.

P2X Solutions is constructing the first industrial-scale green hydrogen production facility in Finland, in the southwestern town of Harjavalta. The facility is scheduled to be operational in early 2025. It has an installed electrolysis capacity of 20 MW, making it one of the largest of its kind in Europe. The facility in Harjavalta can also produce synthetic methane from hydrogen and locally available CO2. P2X Solutions also has several other projects in the pipeline.

P2X Solutions is the perfect complement to Alpiq’s strategic portfolio

“P2X Solutions fits perfectly into Alpiq’s strategy thanks to its hydrogen activities,” says Amédée Murisier, member of Alpiq’s Executive Board and also responsible for hydrogen activities in addition to the Swiss business. “We are glad that we can consolidate our position in Finland using the knowledge of CEO Herkko Plit and his team and can make a significant contribution to integrating renewable energy.”

P2X Solutions gives Alpiq a platform to produce green hydrogen and Power-to-X, and also to expand beyond Finland. There are also synergies with Alpiq’s commercial activities in the areas of origination and trading and with Alpiq’s own project pipeline in the area of hydrogen. These significant synergies will be achieved through Alpiq’s PPA business in the Nordics, the B2B sales activities, the expansion of Alpiq’s range to include hydrogen, and Alpiq’s flexibility expertise in the field of asset management.

“Alpiq is a significant European energy company, and we are very excited to partner with them. Establishing a strategic partnership with Alpiq substantially strengthens our position and ability to scale up our business,” says Herkko Plit, CEO of P2X Solutions. “Furthermore, with Alpiq we can optimise our value chain of renewable electricity, green hydrogen and e-fuels.”

Alpiq recognised the importance of hydrogen as a key driver of the energy transition at an early stage. Hydrogen will play a key role in decarbonising sectors that are difficult to electrify (petrochemical industry, steel industry and processes that require very high temperatures in general) and will provide the energy system with the flexibility required for a successful energy transition. Since 2020, Alpiq has been working with partners to develop green hydrogen production activities in Switzerland in order to decarbonise the heavy goods sector. Alpiq is also carrying out green hydrogen projects in France, Spain, and Italy.

About P2X Solutions

P2X Solutions is a Finnish pioneer in green hydrogen and Power-to-X technology. The company is headquartered in Espoo and its team of 14 employees accelerating the rise of the hydrogen market holistically and innovatively in all areas of the value chain. P2X Solutions operates as a producer and distributor of green hydrogen and synthetic fuel and supplies hydrogen plants in a customer-oriented manner and on a turnkey basis, when needed.

You can find more information about P2X Solutions at https://p2x.fi/

About Alpiq

Alpiq is a leading Swiss energy services provider and electricity producer that operates throughout Europe. It offers its customers comprehensive and efficient services in the fields of energy generation and marketing as well as energy optimisation. Alpiq has been generating climate-friendly and sustainable electricity from carbon-free Swiss hydropower for more than 100 years. The power plant portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms and photovoltaic facilities in Europe. The Alpiq Group has around 1,200 employees and is headquartered in Lausanne. Alpiq Holding Ltd. is a private stock corporation in majority private ownership. It is fully controlled by the three shareholder groups of Schweizer Kraftwerksbeteiligungs-AG (SKBAG), the Consortium of Swiss Minority Shareholders (KSM) and EOS Holding SA (EOS).

You can find more information on Alpiq at www.alpiq.com