Vitol buys into Norwegian green hydrogen company

Dutch energy and commodity trading company Vitol said April 26 it had acquired a minority interest in a Norwegian producer of green hydrogen.

For an undisclosed sum, Vitol took a 10% stake in Gen2 Energy, which aims to develop, build and operate a value chain for green hydrogen derived from 100% renewable energy by 2023.

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Gen2 Energy is at work on a project in northern Norway that could eventually produce 11kt/yr of green hydrogen from an 80 MW electrolyser. A second electrolyser with a capacity of 300 MW is also under development in southwest Norway.

Vitol is already an anchor investor in Gen 2 Energy.

“Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero,” Vitol managing director Chris Bake said.

Norway’s is among the cleaner economies in the world. State-controlled energy company Equinor in November spelled out a goal to produce net-zero greenhouse gas emissions by 2050 by expanding its renewable energy capacity to 12-16 GW by 2035 and by investing in hydrogen and carbon capture and storage.