Neovolt and STR Tecoil join forces to strengthen the competitiveness of the Finnish hydrogen business

Mediatiedote suomen kielellä

Neovolt Oy, specializing in the optimization and condition monitoring of water electrolysis systems, and STR Tecoil Oy, a leading company in the re-refining of used lubricating oil, have initiated cooperation. The first step of the collaboration was an energy audit, in which the operation of Tecoil’s Hamina refinery’s alkaline water electrolysis system was thoroughly examined. This cooperation represents both companies’ efforts to improve the energy efficiency and lifespan of water electrolysis systems.

Neovolt conducted an analysis for STR Tecoil’s Hamina refinery’s alkaline water electrolysis system. This review was based on electrical measurements made in late summer 2023, and the conclusions provide valuable information for Tecoil’s maintenance and new investment plans.

This analysis also supports the development of Neovolt’s Neophy product; the goal of Neophy is to offer unique capability to monitor the aging and performance of electrolysis systems in real-time.

Finland — a global developer of hydrogen technology

The results of the cooperation open new perspectives in the field of renewable energy and optimization of industrial processes. They lay the foundation for possible future investments in hydrogen production based on water electrolysis.

“The cooperation between Neovolt and STR Tecoil is a significant step forward in our joint efforts to develop monitoring technologies for water electrolysis systems. The monitoring technologies developed as a result of the collaboration further strengthens our expertise in hydrogen production control and project development planning. By leveraging our patented solutions and the information we have acquired, we bring double benefits to the national hydrogen industry and position Finland as a global developer,” says Neovolt’s CEO, Samuli Räisänen.

“An essential part of environmentally friendly production of high-quality base oil products is a stable and energy-efficient green hydrogen production plant. Neovolt’s comprehensive measurement and analysis of the water electrolysis system’s performance proved extremely useful in assessing the refinery’s future investment needs,” explains STR Tecoil’s Refinery Director, Mika Pöyry.

For more information:

CEO Samuli Räisänen, Neovolt Oy, tel. 050 407 7034

Refinery Director Mika Pöyry, STR Tecoil Oy Hamina, tel. 040 551 3463

Neovolt Oy is a startup company based in Lappeenranta, founded in the spring of 2021, that provides automation and power supply solutions developed for green hydrogen production. The company aims to make emission-free hydrogen production as profitable as possible. It offers customers better understanding of the hydrogen production process and the electricity requirements needed. The company’s operations are based on unique academic research done at LUT University. The founding team has extensive work experience from the research and industrial world.

STR Tecoil is a Finnish company and a leading expert in waste oil treatment and refining. The company collects used waste oil and regenerates it into high-quality API Group II/III base oil and other products. The products are widely known, and their demand has increased with the growing interest in renewable products. The company’s business model is ecologically sustainable, and it uses green hydrogen produced at its production plant.