VEO and Neste have signed an agreement under which VEO supplies energy-efficient main electrical distribution technologies to Neste’s expansion project in Singapore.
Neste is investing EUR 1.4 billion in Singapore to expand and develop its range of renewable and sustainable products, which includes renewable diesel and renewable jet fuel. The expansion will increase Neste’s renewable product overall capacity in Singapore by up to 1.3 million tons per annum. Neste’s target is to start up the new production line during the first half of 2022.
“It is with great pride that we join this vital project that is aimed at reducing emissions in transport and aviation. We are happy to see that Finnish engineering is valued and that energy giants such as Neste believe in VEO’s capabilities,” says Kari Lehto, Vice President at VEO Industry. “The fact that we have our factories in Finland is a competitive advantage as we can guarantee that the quality requirements are fulfilled”.
The main manufacturing and testing will be done in Vaasa, Finland, and the project is expected to be delivered during 2020. The delivery includes high performance low-voltage switchgear for motor control and running. The other main part of the delivery consists of medium-voltage switchgear, which will be used in the electrical supply network to the process lines.
“VEO has already had 16 years of continuous cooperation with Neste, which significantly helped us to land the deal,” says Key Account Manager Seppo Perätalo at VEO.
The received order is one of the largest in VEO’s history and will have a positive impact not only on VEO, but on the Vaasa region as a whole, as it will create work also for VEO’s subcontractors.
VEO is an energy expert offering electrification and automation solutions for power generation, transmission, distribution and utilisation. Half of the company’s revenue comes from renewable energy solutions. VEO’s headquarters is located in Vaasa, Finland and the company also has subsidiaries in Sweden, Norway and the UK. VEO Group employs 450 persons and had a turnover of EUR 103 million in 2018.
Neste creates sustainable solutions for transport, business, and consumer needs. Its wide range of renewable products enable their customers to reduce climate emissions. Neste is the world’s largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. In 2019, Neste’s revenue stood at EUR 15.8 billion. In 2020, Neste was placed 3rd on the Global 100 list of the most sustainable companies in the world.
For more information, please contact:
Vice President, Industry
Key Account Manager, Industry