HY2GEN and Deep Wind Offshore enter into partnership
Hy2gen, the global developer, builder and operator of renewable hydrogen and hydrogen-based e-fuels plants, announced the co-operation of its subsidiary Hy2gen Norge AS with offshore wind power expert Deep Wind Offshore, according to the company's release.
„Using energy carriers such as hydrogen is undoubtedly the most effective way to reduce CO2 emissions from industry and the transport sectors. This also resonates with the EU's climate target, that 42 per cent of hydrogen in industry must come from renewable energy sources by 2030“, says Hege Økland, Managing Director of Hy2gen Norge AS.
Deep Wind Offshore develops offshore wind projects in Norway, Sweden, and South Korea, while Hy2gen develops and operates facilities for renewable hydrogen production in several locations in Europe, in addition to the USA and Canada. The companies experience a particular need to offer green energy carriers to various end users in new markets.
The combination of offshore wind and hydrogen makes green energy available to more and new customer groups, who cannot be electrified directly, but who can switch from fossil fuel to renewable hydrogen.
Norway aims to award 30 GW of offshore wind by 2040. Should 16 GW be converted to ammonia, which is produced from renewable hydrogen, for use in maritime fuel, it could cut 100 percent of Norway's total maritime emissions of 10 million tons of CO2 annually.
One goal of the collaboration is to develop competitive projects with a strong market focus. By combining market insight and making new renewable energy available through offshore wind, it also can strengthen the competitiveness.
Deep Wind Offshore is an international developer and owner of offshore wind projects, with headquarters in Haugesund and a presence in Sweden and South Korea. The company is owned by Knutsen Gruppen, Haugaland Kraft, Sunnhordland Kraftlag, and Octopus Energy. Deep Wind Offshore has entered a partnership with EDF Renewables in Norway and bp in South Korea. The company's ambition is to turn 10 GW into 10 TWh net capacity within 10 years.
Hy2gen AG, based in Wiesbaden, Germany, globally develops, finances, builds, owns and operates plants for the production of renewable fuels of non-biological origin (RFNBOs). The company specialises in the entire product range – from renewable hydrogen, commonly known as “green” hydrogen, to renewable ammonia and hydrogen-based e-fuels. The first plants will be built in France, Norway, Canada, Germany and the USA. Hy2gen's goal is to become the market leader in the production of renewable hydrogen and its derivatives for climate-neutral mobility, agriculture, and industry.
In 2019, Swiss commodity trader, Trafigura, and other private investors took a position in Hy2gen’s first round financing. In early 2022, Hy2gen closed a further €200 million from French technology and engineering firm, TechnipEnergies; Quebec pension fund, CDPQ; French sustainable investment manager, Mirova; and the €2 billion Hy24 Clean Hydrogen Infrastructure Fund backed by Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, Baker-Hughes, and Airbus, among others. This remains the largest green hydrogen-focused private capital raise to date.
