Nov 30

Norway’s Aker To List Hydrogen-Focused Company

Stephen Bierman
Feb 26, 2021

Image: Aker ASA

Norwegian engineering giant Aker plans to create and list a hydrogen focused company in Oslo, according to a company release.

Aker Horizons will create Aker Clean Hydrogen, which currently has nine clean hydrogen projects and prospects with a total net capacity of 1.3 gigawatts (GW) under development. It has an additional pipeline and opportunities of 4.7 GW and aims to reach a net installed capacity of 5.0 GW by 2030.

The business also includes a partnership with Yara and Statkraft, to create green ammonia at the Herøya plant in Norway. The partnership aims to set the foundation for a potential new green export industry. Emissions-free ammonia can be used for CO2-intensive industries, including green fertiliser for the agriculture industry and emission-free shipping.

Emissions-free hydrogen can be produced by using renewable electricity to separate the element from water molecules. Emissions-free production can also be done by “reforming” natural gas in combination with carbon dioxide capture and storage facilities. Most of the hydrogen in the world is produced from natural gas, but the process emits carbon.

Aker Clean Hydrogen’s goal is to reduce the production cost of clean hydrogen to $1.5 per kilogram by 2030, a level competitive with gas and coal, compared with around $5 per kilogram today, according to Reuters.

Stephen Bierman

Stephen Bierman is a finance and energy reporter with over 15 years of experience, including at Bloomberg News and Energy Intelligence.

Tweets at: @StephenBierman1

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