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.
The company is already building its first hydrogen plants at Hellesylt, at the entrance to the Geirangerfjord in Sunnmøre, Norway, 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, Norway.
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 MW green hydrogen and green ammonia facility, while there are plans for another 300 MW facility in the Hemnes municipality.
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 MW green hydrogen and green ammonia facility, while there are plans for another 300 MW facility in the Hemnes municipality.
Mark Hutchinson, CEO of Fortescue Energy CEO, 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.”
Jens Berge, CEO of Norwegian Hydrogen, added: “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.
“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.”
