Aker Horizons ASA, a prominent player in green energy and industry development, has announced that its subsidiary, Aker Horizons Asset Development, has secured grants and loans totaling up to NOK 135 million from Innovation Norway for the construction of a green hydrogen production facility in Rjukan, Eastern Norway.
Innovation Norway, a key instrument of the Norwegian government for promoting innovation and supporting the growth of domestic enterprises and industries, will provide up to NOK 85 million in grants and up to NOK 50 million in green growth loans for the Rjukan project, subject to specific terms and conditions. The facility is expected to have a 20 MW electrolyzer capacity, enabling the production of approximately 9 tonnes of green hydrogen per day. The project benefits from the existing infrastructure, industrial land, and available hydropower at the site, positioning it as an early mover in the green hydrogen production industry. Aker Horizons aims to finalize the investment decision by the end of 2023, with commercial operations slated to commence in 2025.
The financial support from Innovation Norway is greatly appreciated by Aker Horizons, as it will further de-risk the project and accelerate the scale-up of hydrogen production. Rjukan serves as a significant project within Aker Horizons’ portfolio and will serve as a blueprint for larger endeavors, such as the company’s ambitious green ammonia project in Narvik. Aker Horizons aspires for green hydrogen to become a cost-competitive climate solution, contributing to achieving net-zero emissions both in Norway and globally, according to Knut Nyborg, CEO of Aker Horizons Asset Development.
Håkon Haugli, CEO of Innovation Norway, acknowledges the crucial role of developing new technology for the production and commercialization of green hydrogen in Norway’s green energy transition. The Rjukan green hydrogen project is considered an early mover and an innovative initiative with substantial growth potential, capable of increasing mainland exports from Norway.
Establishing a value chain for sustainable production, distribution, and utilization of low or zero-emission hydrogen aligns with the Norwegian government’s Green Industrial Initiative roadmap, announced in June 2022.
Aker Horizons intends to supply compressed hydrogen to various industries, shipping companies, and mobility partners in Eastern Norway from the Rjukan facility. The company has recently completed a pre-FEED (Front-End Engineering Design) for civil works, and the project’s permitting process is currently underway. Partnership discussions are progressing well, and Aker Horizons has secured a letter of intent for a substantial portion of the hydrogen offtake from Rjukan.
The Rjukan green hydrogen plant is expected to attract investments of several hundred million kroner and generate new green jobs. Aker Horizons is collaborating closely with Tinn municipality, Rjukan Chamber of Commerce, and local industry stakeholders to explore opportunities for utilizing waste heat from hydrogen production in other industrial processes, thereby supporting local circular economic development.
