P2X Solutions in a €25 million equity round backed by Prime Capital.

P2X Solutions, a Helsinki, Finland-based manufacturer of renewable hydrogen solutions, announced a €38 million ($28.3M) equity round.

The money was raised from the German private equity house Prime Capital AG, which contributed with 5 million equity investment and a 20 million equity-like shareholder loan, and from Enersense, a provider of zero-emission energy solutions from Finland which plans to invest an amount of 13 million .

P2X Solutions, founded in 2020 by CEO Herkko Plit, operates as a producer and distributor of green hydrogen and synthetic fuel, and also deliver hydrogen plants on a turnkey basis. The company produces green hydrogen completely emission-free by electrolysis of water using renewable energy sources and it further processes some of the green hydrogen into renewable synthetic fuels, such as synthetic methane. The heat and oxygen generated as by-products of the process can be utilized in industrial processes. P2X Solutions, says it completed the concept of the first industrial-scale green hydrogen production plant and begun its Front-end Engineering Design. The plant is intended to be replicable elsewhere in Finland and around the world. In addition, the company has investment plans for building a hydrogen distribution infrastructure.

The deal was made as P2X is eyeing an investment decision of €70 million to construct Finland’s first industrial-scale green hydrogen production plant and methanation unit in Harjavalta. The capacity of the green hydrogen production plant to be located in the Harjavalta Industrial Park is 20 MW and the construction works will begin in the autumn 2022. It is expected that the construction works of the plant are completed during the first half of the year 2024.

P2X Solutions previously was backed with €2 million in 2021 by the local venture company from Finland Lifeline Ventures, joined by the angel investor Marjo Miettinen.