Fortescue invests in the future of nordic green hydrogen by becoming one of the largest shareholders in Norwegian Hydrogen
Jens Berge, CEO in Norwegian Hydrogen and Thor Magnus Rovik, Country Manager of Fortescue Norway. Photo: Kristin Støylen
Fortescue Energy CEO, Mark Hutchinson, said, “Climate change is here now, and business needs to work together to combat it. Decarbonising hard to abate sectors and stepping the world beyond fossil fuels is imperative to that, and to do that, we need to start producing green hydrogen and green ammonia at scale.”
Norwegian Hydrogen CEO, Jens Berge, said, “Fortescue's entry into ownership is a clear expression of the strong international interest Norwegian Hydrogen is experiencing in its focus on the production and distribution of green hydrogen.”
Norwegian Hydrogen is already building its first hydrogen plants at Hellesylt, at the entrance to the Geirangerfjord in Sunnmøre, and in Hjørring in Denmark. Earlier this year, the company also announced plans to establish one of the Nordic region's largest factories for the production of green hydrogen in Ålesund.
In March this year, Norwegian Hydrogen also established the subsidiary Vireon, which has received Enova support for the construction of hydrogen refuelling stations for heavy duty vehicles, at Dombås, Stavanger and Vestby in Norway. These are among the first of several such stations planned by Vireon in Norway, Denmark, Sweden and Finland.
Fortescue is developing a global portfolio of green hydrogen and green ammonia projects, with two potential projects already in the pipeline across Norway. The Holmaneset project in Bremanger is a 300 megawatt green hydrogen and green ammonia facility, while there are plans for another 300 megawatt facility in the Hemnes municipality.
Fortescue Norway Country Manager, Thor Magnus Rovik, said, “We have a local team dedicated to showing the world the huge potential Norway has as a leader in renewable energy, green hydrogen and green ammonia.”
Jens Berge and Thor Magnus Rovik
Fortescue is the second global company to become an owner of Norwegian Hydrogen. In August last year, the Japanese corporation Mitsui did the same.
In parallel with the investment from Fortescue, Norwegian Hydrogen has also raised approximately NOK 50 million from current owners and a handful of new investors in its immediate network. This values the company at approximately NOK 750 million after raising capital.
Norwegian Hydrogen is preparing to raise more capital as part of the next steps of its overall corporate development strategy.
Norwegian Hydrogen has also succeeded in receiving “soft” funding in the form of public support schemes for green energy projects in the Nordic region and is actively pursuing the relevant European support programs.
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Marielle Furnes Mannseth, Group Brand & Sustainability Officer
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Fortescue is focused on becoming the number 1 integrated green energy, metals and technology company, recognised for its culture, innovation and industry-leading development of infrastructure, mining assets and green energy initiatives.
It operates with two divisions – Metals and Energy.
Fortescue is committed to producing green hydrogen, containing zero carbon, from renewable electricity.
Green hydrogen is a zero-carbon fuel that, when used, produces primarily water. It is a practical and implementable solution that can help revolutionise the way we power our planet: helping to decarbonise heavy industry and create jobs globally.
Fortescue is leading the green industrial revolution, building a global portfolio of renewable green hydrogen and green ammonia projects, while also leading the global effort to help decarbonise hard-to-abate sectors. This includes developing and acquiring the technology and energy supply to help decarbonise the Australian iron ore operations of one of the world’s largest producers of iron ore, Fortescue Metals, by 2030 (Scope 1 and 2 terrestrial emissions).