ABO Energy, a German renewable energy developer listed as ETR:AB9, has signed a cooperation agreement with the City of Oulu in northern Finland to advance a planned green hydrogen production facility of up to 600 MW. The agreement, signed 1 September 2026, follows a site reservation agreement the two parties signed in 2025 and establishes a framework for cooperation on project development, land-use planning, and permitting.
The project, planned in Oulu’s Pyyryväinen green transition zone, would be developed by ABO Energy’s Finnish subsidiary, ABO Energy Suomi Oy, in two to three phases, eventually reaching 600 MW of electrolyser capacity. The company is also assessing whether to produce synthetic methanol and sustainable aviation fuel (e-SAF) at the site. The development would require up to 41 hectares of land, and waste heat from the production process is planned to supply Oulu’s district heating network. A partial master plan for the Pyyryväinen area is already underway; the city says land-use planning will account for biodiversity and consumption-compensation considerations under nature-positive principles. A final investment decision will follow further technical and commercial assessment, according to ABO Energy.
Amanda Cardwell, head of project development at ABO Energy Suomi, said the development of green hydrogen projects “requires a strong combination of infrastructure, access to renewable energy and close cooperation with local stakeholders.” Oulu mayor Ari Alatossava said the city’s objective is “to establish the entire hydrogen value chain, from production to downstream processing and end-use applications.”
Oulu has positioned itself as a hub for hydrogen and Power-to-X development in the Baltic Sea region, citing Finland’s low electricity prices, the city’s renewable generation capacity, a deep-water port with TEN-T core network status, and hydrogen research underway at the University of Oulu. At least five other companies have announced hydrogen or e-fuel project plans in the Oulu area, including Hy2gen, which is planning a 200 MW e-fuel facility at the Port of Oulu, as well as Verso Energy, Energiequelle, P2X Solutions and Oulun Energia.
The agreement comes as ABO Energy is working through a financial restructuring in Germany. The company reported a net loss of approximately €170 million for fiscal year 2025 — the first annual loss in its history — and signed a standstill agreement with its lending banks in January 2026 to give it time to develop a restructuring plan, since extended to a deadline of 30 November 2026. Bondholders of its 2024/2029 bond are being asked separately to support the restructuring.
To raise liquidity, ABO Energy has sold several assets over the past year. In July 2025, it sold roughly 4.4 GW of onshore wind development pipeline in Finland to Fortum for an initial €40 million, with total consideration of up to €70 million including earn-outs tied to project milestones. In August 2026, it sold its only operating hydrogen production asset — a 5 MW electrolyser and hydrogen refuelling station in Hünfeld, Germany — to Tyczka Hydrogen. Separately, it agreed to sell its Polish and Hungarian subsidiaries, comprising roughly 2 GW of renewables pipeline and 82 MW of operating solar capacity, to Greek utility PPC, a deal expected to close by the end of 2026. ABO Energy managing director Karsten Schlageter said the sale reflects the company “focusing on those countries where we can achieve sustainable long-term commercial success,” part of a shift toward an independent power producer model the company announced in September 2025.
The Oulu hydrogen project, if built at full scale, would be 120 times larger than the hydrogen asset ABO Energy sold weeks earlier. The cooperation agreement does not commit the company to building the plant; a final investment decision remains pending.
