Vitol, a Dutch energy and commodity trading company, has acquired a 10% equity interest in Gen2 Energy, a Norwegian producer of green hydrogen. The deal amount has not been disclosed.
Gen2 Energy goal is to utilise the surplus hydroelectric power in Norway to produce green hydrogen, which would then be exported to its customers across Europe.
Gen2 Energy has been working on a project in the north of Norway. The planned capacity is around 80 MW which is expected to produce 11.7k tonnes/year of green hydrogen. The project is aimed to be operational by December 2023.
The company is also working on its second project in the southwest of Norway, which would have 300 MW of capacity.
Chris Bake, MD of Vitol, said, “Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero.”
Jonas Meyer, CEO of Gen2 Energy, said, “We are very pleased to successfully complete our strategic financing round with Vitol as an Anchor Investor.”
Gen2 Energy goal is to develop, build, own and operate an integrated value chain for green hydrogen by 2023. It aims to build capacity at large-scale for green hydrogen based on 100% renewable energy. The company is also looking into setting up its distribution of green hydrogen in compressed form at 350 bar and evaluating various compressions and liquefied hydrogen.