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Aker Clean Hydrogen: Second-Quarter Results 2021

By July 12, 2021 2   min read  (362 words)

July 12, 2021 |

Fuel Cells Works, Aker Clean Hydrogen: Second-Quarter Results 2021

OSLO, Norway — Aker Clean Hydrogen today published results for the second quarter and first half of 2021, showing the company has taken decisive steps towards realizing its ambition to accelerate clean energy by producing clean hydrogen safely and affordably.

“In just a few months, we have established projects and prospects with net capacity of more than 1.7 GW in Norway, Chile and Uruguay, so we are heading steadily towards our 2030 target of reaching 5 GW net installed capacity,” said Knut Nyborg, Chief Executive Officer of Aker Clean Hydrogen.

Highlights in the second quarter included:

  • Maturing the Herøya project together with partners Yara and Statkraft, to develop a green ammonia facility located at Yara’s fertilizer plant. Remove about 800,000 tonnes CO2 p.a.
  • Completing feasibility study and concept phase for the Berlevåg project together with Varanger Kraft and establishing a joint venture company. Utilizing local wind resources, the Berlevåg project has the potential to decarbonize shipping in the Arctic.
  • Signing Memorandum of Understanding with CapeOmega and, as announced separately today, Shell, to jointly develop the Aukra Hydrogen Hub in Norway.
  • Building the Aker Clean Hydrogen organization by recruiting talent from Aker companies and externally.

Financial result and outlook

Revenue for the first half of 2021 was NOK 1 million and operating loss was NOK 60 million, reflecting costs related to the start-up of the company, building the organization and developing the global projects and prospects. In addition, the company had costs related to the operational development including standardization, digitalization, project execution model and supply chain. The cash balance at the end of the period was NOK 2 828 million.

Hydrogen has the potential to replace fossil-based solutions across several industries, from transport to agriculture. Market fundamentals, reflected in recent record high prices for ETS quota prices, remain supportive of further growth. The ETS price has risen 170 percent to more than 58 euros per tonne in the past 12 months.

“We are maturing dialogues with large offtakers, infrastructure companies and renewable energy providers and expect to grow our pipeline as well as existing prospects and projects over the coming quarters,” said Nyborg.

The company today also published its first-half report, which is attached and available on akercleanhydrogen.com.

Read Report Here

 

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