Vitol has acquired a 10% equity interest in Gen2 Energy, a Norwegian producer of green hydrogen, for an undisclosed sum.
Gen2 Energy aims to use Norway’s surplus hydroelectric power to produce green hydrogen which will be transported and sold to customers principally in Europe.
Work at the company’s initial site in the north of Norway is underway and once complete it will have a capacity of at least 80MW, producing 11.7kt per annum of green hydrogen.
Simultaneously, Gen2 Energy is developing a second green hydrogen facility in the southwest of Norway with an eventual capacity of 300MW.
Production at the first site is expected to commence by December 2023.
Chris Bake, Managing Director, Vitol said: “We are pleased to be involved in this exciting project. Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero.”
Jonas Meyer, Chief Executive Officer, Gen2 Energy said: “We are very pleased to successfully complete our strategic financing round with Vitol as an Anchor Investor. Gen2 Energy is working diligently to build large-scale production and distribution of green hydrogen with zero emissions throughout the value chain, and we could not have wished for a better partner than Vitol.”