Fortescue Onvests in the future of Nordic green hydrogen

Source: www.gulfoilandgas.com 10/27/2023, Location: Europe

Fortescue, a global green energy, metals and technology company, has invested close to NOK 100 million (AU $13.5 million) to become a shareholder in Norwegian Hydrogen, a leader in Nordic green hydrogen projects.

The investment will see Fortescue acquire a 12.5 percent ownership interest in Norwegian Hydrogen, becoming the third largest shareholder.

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.”

“Fortescue’s investment in Norwegian Hydrogen is an important step in helping to scale up the entire green hydrogen value chain, which will not only help support our own proposed projects in Norway, but the global green hydrogen and green ammonia industry.”

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.”

“Fortescue and its founder Dr Andrew Forrest AO have been a very vocal voice and driving force for the transition required to reach climate targets, and for the central role green hydrogen will play in the new energy mix of the future. We look forward to having Fortescue as an active owner and to working together to accelerate the transition to zero emissions.”

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.”

“Joining with other Nordic companies like Norwegian Hydrogen is integral to ensuring our region continues to be a leader in generating and supplying green hydrogen products in Norway and across Europe.”

Norwegian Hydrogen CEO, Jens Berge, said, "The fact that a world-leading and recognised player like Fortescue will support our mission makes us proud, and at the same time it is a powerful signal of the position we have achieved in just a few years. We have big plans for the future, and with Fortescue on board we can definitely raise the level of ambition even further.”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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