Swedish green fuel company Liquid Wind files for bankruptcy

The Swedish company Liquid Wind, which planned to build a synthetic methanol production plant in Naantali, Finland, has filed for bankruptcy, according to reports from Swedish media outlets Örnsköldsviks Allehanda and SVT.

The facility was intended to use steam and carbon dioxide from Naantali Power Plant to produce eco-friendly marine fuel. Liquid Wind had also announced major investments in green shipping fuel projects in Örnsköldsvik and Sundsvall, Sweden.

Just over a year ago, Liquid Wind and Turku Regional Energy Production (TSE) signed a letter of intent to establish the plant adjacent to TSE’s Naantali power station. The agreement involved TSE supplying biogenic carbon dioxide and steam for methanol production, with a final investment decision expected this year.

TSE CEO Pertti Sundberg declined to comment on the bankruptcy’s impact on the Naantali project, stating that TSE’s role was limited to providing steam and CO₂. Turku Energia CEO Timo Honkasalo noted the project had already stalled, adding: “It’s been on hold for a while, and now it seems it won’t proceed with Liquid Wind. That doesn’t prevent someone else from implementing a similar hydrogen-based solution in Naantali in the future.”

Both Sundberg and Honkasalo expressed optimism about the region’s potential for hydrogen economy development.

TSE is jointly owned by Fortum (53.5%), Turku Energia (43.5%), and the City of Naantali (3%).