The investment will see Fortescue acquire a 12.5% ownership interest in Norwegian Hydrogen, becoming the third largest shareholder.
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Fortescue Energy CEO Mark Hutchinson 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.”
Norwegian Hydrogen CEO Jens Berge said, “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.
“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.”
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Norwegian Hydrogen is already building its first hydrogen plants at Hellesylt, at the entrance to the Geirangerfjord in Sunnmøre, 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.
In March this year, Norwegian Hydrogen also established the subsidiary Vireon, which has received Enova support for the construction of hydrogen refuelling stations for heavy duty vehicles, at Dombås, Stavanger and Vestby in Norway. These are among the first of several such stations planned by Vireon in Norway, Denmark, Sweden and Finland.