The project, known as TransEco, is being coordinated by the VTT Technical Research Centre of Finland, according to a report on Marketwire.

The aim of the project is to develop solutions specifically tailored to Finland’s climate and road conditions which will help the country achieve its national climate goals.

Through participating in the project, St1 will work on developing a high-blend bioethanol to replace fossil fuels. Neste Oil will attempt to develop other biocomponents for blending with conventional gasoline.

The bulk of the project’s funding comes from Finland’s Ministry of Employment and the Economy, with additional money being provided by Neste Oil, St1, and VTT.

“What is important now is to find new alternatives in the gasoline area, to ensure that Finland can retain its position as a pioneer in biofuel usage and achieve the tough targets that have been set - and even exceed them,” Neste Oil Senior Vice President Simo Honkanen said in a statement.

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