Fortescue has invested approximately NOK 100 million (A$13.5 million) into Norwegian Hydrogen, a leader in Nordic green hydrogen projects, acquiring a 12.5% stake in the company.
“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 Energy CEO Mark Hutchinson said.
According to Hutchinson, Fortescue’s investment in Norwegian Hydrogen is crucial for scaling up the green hydrogen value chain, supporting both Norwegian projects and the global green hydrogen and ammonia industry.
Norwegian Hydrogen CEO Jens Berge stated that Fortescue’s investment reflects the significant international interest Norwegian Hydrogen is gaining in green hydrogen production and distribution.
“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,” Berge said.
Norwegian Hydrogen is currently constructing its first hydrogen plants in Hellesylt, Sunnmøre, and Denmark. The company also plans to establish a large green hydrogen factory in Ålesund, one of the Nordic region’s largest factories.
Norwegian Hydrogen also developed the subsidiary Vireon in March of this year, which has secured Enova support for developing hydrogen refuelling stations for heavy-duty vehicles in Dombs, Stavanger, and Vestby in Norway. These are the first of numerous similar stations Vireon plans to build throughout Norway, Denmark, Sweden, and Finland.
Meanwhile, Fortescue is developing a global portfolio of green hydrogen and ammonia projects, with two potential projects in Norway, including a 300-megawatt Holmaneset facility in Bremanger and another 300-megawatt facility in Hemnes.
“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,” Fortescue Norway Country Manager Thor Magnus Rovik said.
“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,” he added.
Norwegian Hydrogen has also raised around NOK 50 million from current owners and new investors, raising the company’s value to around NOK 750 million, in addition to Fortescue’s investment.
Additionally, the company has secured “soft” funding for green energy projects in the Nordic region and is actively pursuing European support programs.
It is currently preparing to increase its capital raising efforts as part of its corporate development strategy.
