Höegh LNG acquires minority stake in Gen2 Energy and signs cooperation agreement on seaborne logistics for green hydrogen
In a recently signed agreement, Gen2 Energy and Höegh LNG agrees to cooperate on the development of a seaborne logistics chain for green hydrogen as envisioned by Gen2 Energy, according to the company's release.
The partnership targets to take a first mover position in seaborne transport of green hydrogen, a market that does not exist on a large scale today. Green hydrogen can be produced at cost competitive levels, but several of the optimal production sites are at remote locations, making transport by land expensive. By transporting hydrogen at sea, the two parties aim to reduce both transport cost and CO2 emissions significantly.
Höegh LNG’s contributions mainly relate to the extensive experience of shipping and import of natural gas, establishing energy infrastructure and maintaining complex logistics chains. Gen2 Energy will contribute with its knowledge and experience in production and safe handling of green hydrogen. Together, the parties will also explore the use of carbon free propulsion systems for vessels and the potential for injection of hydrogen into the natural gas transmission grids.
Gen2 Energy is a Norwegian company dedicated to develop, build, own and operate an integrated value chain for green hydrogen. The company target to have several large-scale production facilities for green hydrogen located in Norway and Northern-Europe as well as a distribution network ensuring customers safe and reliable delivery.
About Höegh LNG
Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG’s Vision is “Enabling the transition to Clean Energy”. The company is owned by Larus Holding Limited, a 50/50 joint venture between Leif Höegh & Co. Ltd. and Funds managed by Morgan Stanley Infrastructure Partners, and owns approximately 46% of Höegh LNG Partners LP. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 190 office staff and 670 seafarers.
