Press release

H2-Arctic becomes Narvik Hydrogen AS

Norwegian Hydrogen enters as the new majority owner of the Narvik based company H2-Arctic.

To clarify the focus on the regional investment, the company will also change its name to Narvik Hydrogen at the same time as the level of ambition is increased. Based in Narvik, the company will produce and distribute green hydrogen for use in heavy transport, the maritime sector and industry.

Great potential

- We already have several plans and projects underway, and we are looking at more locations for production and distribution. We are working with market opportunities and cooperation agreements on both the Norwegian and Swedish sides of the border and we believe Narvik Hydrogen will be a key player in the rapidly growing hydrogen market, says Håvard Hjallar, CEO of Narvik Hydrogen.

Established players on the owner side

Hjallar himself owns about 16% of the company after a share issue has now been carried out in which Norwegian Hydrogen has become the largest owner, with an ownership share of just over 50%. In addition, Bergen-based Greenstat, which joined the ownership side in 2021, has an ownership share of 34%. Hjallar is very pleased with the partners he has included in the investment in Narvik Hydrogen.- Norwegian Hydrogen works purposefully and with good speed, and has within a few years positioned itself to be able to play a central role in the green shift through its large-scale investment in infrastructure for green hydrogen both in Norway and abroad. Norwegian Hydrogen has a flexible business model that invites collaboration with other players, but also runs projects where they take responsibility for entire value chains with both production, distribution and sale of green hydrogen from their own filling stations, bunkering facilities and container-based solutions. The expertise and financial strength Norwegian Hydrogen contributes will strengthen Narvik Hydrogen's implementation power, says Hjallar.- Greenstat is a broad renewable company with a special focus on green hydrogen production. The company is involved as a co-owner in projects and companies in several places in Norway and has a collaborative model that also allows for local participation. Greenstat also brings with it a large network that ensures access to good suppliers, which is attractive for a local company like Narvik Hydrogen, Hjallar concludes.

Looking towards Europe from Narvik

CEO of Norwegian Hydrogen, Jens Berge, sees Narvik as a key hub for their investment. Not only in Norway, but also towards Europe. Narvik, together with Oslo, are the only two places in Norway that are part of the EU's key corridors for transport. For us, therefore, Narvik is of great strategic importance. We believe Narvik Hydrogen can become a significant player, not only locally and regionally, but also as part of our commitment to Europe, he says.

Narvik, a strategic hub for hydrogen

- We see Narvik as a natural hub for green hydrogen with its role as an industrial center and strategic location near the Swedish border. We experience great enthusiasm from both local and regional authorities and the business community, which is important with regard to the realization of hydrogen projects. We are ready to make significant investments in the region and look forward to contributing to both emission reductions and green business development, says CEO of Greenstat, Vegard Frihammer.

Clear ambitions

The strategy of Narvik Hydrogen is clear and the work of creating a concrete action plan is well underway. It would be unwise to reveal all the details of the strategy, but it is no secret that we will both produce green hydrogen and sell it to land transport, the maritime sector and some industrial segments in the Narvik area and in northern Sweden. Sometimes 1 + 1 is more than 2, and this is a good example of that. We have been to Narvik several times in the last year, and have been convinced of the potential. When we combine our own initiatives with the work that has already been done by Håvard Hjallar and Greenstat, this will be really grate, Berge concludes.