Fimpec, part of Sweco, advised Vetyalfa on its EUR 224 million EU Innovation Fund application
May 25, 2026
Fimpec, part of Sweco, supported Vetyalfa in the preparation of its EU Innovation Fund application, contributing to the development of a large-scale hydrogen project in Finland. Based on the 2025 hydrogen auction under the EU Innovation Fund, the European Commission has selected Vetyalfa’s Cloudberry project to proceed to the Grant Agreement preparation phase.
The selected projects are set to receive a total of approximately EUR 1.09 billion in EU funding, of which around EUR 224 million would be allocated to Vetyalfa. This would represent the largest-ever grant awarded to Finland from the EU Innovation Fund. The final amount will be confirmed once the approved projects have signed grant agreements with the European Climate, Infrastructure and Environment Executive Agency, CINEA.
Fimpec supported the project by contributing to the preparation of the funding application and related background studies, including technical and financial assessments. This work forms part of a broader development process in which the project’s feasibility has been evaluated step by step.The grant agreements are expected to be signed in the final quarter of 2026. Following this, the project must reach financial close within two and a half years and enter into operation within five years.
“Fimpec’s experts provided invaluable support during the application preparation process, and they will continue to play an important role in the project going forward,” says Reija Knuutila, CEO of Vetyalfa.
“We contributed to the preparation of the funding application and supporting materials to enable a realistic assessment of the project from multiple perspectives. Our work supports decision-making at a stage where the project details are still being refined. If realised, the project would mark a significant step forward in the development of the hydrogen economy in Finland and Europe,” says Julius Stenius, Senior Consultant at Fimpec.
“This is an exceptionally large-scale hydrogen project in Finland. The planned development in Utajärvi aims to create significant hydrogen production capacity and enable the further processing of hydrogen into synthetic fuels, supported by local advantages such as renewable energy and the development of the electricity grid,” says Ville Kirjonen, Leading Consultant at Fimpec.
The planned hydrogen refinery aims to enable large-scale hydrogen production and downstream processing. The project supports the development of new low-carbon industrial value chains and the transition towards a hydrogen-based economy.
Fimpec became part of Sweco through an acquisition completed in December 2025, with the integration into Sweco finalised in June 2026.