In its new research program, Neste is developing sustainable and globally scalable raw material and technology solutions for transport fuels and the production of chemicals and polymers. The solutions reduce the use of crude oil and curb climate change. They are based on hitherto difficult-to-exploit raw material sources, such as agricultural and forestry residues, municipal waste, algae, waste plastics and carbon dioxide.
The commercialization of new raw materials requires years of research and the development of new value chains together with many partners. Neste receives support for the project from Business Finland and works closely with companies, research institutes and universities.
“Our goal is to be a global leader in renewable and circular economy solutions. Innovation is an important enabler of our ambitious growth strategy. Our innovation activities focus on modernizing our current business and developing completely new raw material and technology solutions for transport fuels and the production of chemicals and polymers,” said Lars Peter Lindfors, Neste's director of innovation.
In the next few years, Neste will increase research and development and related jobs in Finland to ensure that long-term growth goals are achieved. Increasing innovation is expected to promote the competitiveness of Finnish research institutes and industry and create opportunities for new start-ups.
“In five, ten or twenty years, we will develop commercializable solutions based on new crude oil substitutes. For example, straw and forest residues from agriculture and forestry may be suitable as a raw material in the next few years. Municipal waste and waste plastics are also interesting alternatives that could be commercialized quickly,” said Lindfors.
The potential of the new feedstocks is high globally and is estimated to replace a significant amount of the world's transport crude oil use by 2040.