Hydrogen revolution powers its way to Iceland
Ambitious targets for Iceland to become carbon neutral by 2040 are a step closer today after the announcement of plans for an exciting new project harnessing the power of hydrogen to fuel transportation.
HS Orka and Hydrogen Ventures have today announced radical plans to develop a production plant for green methanol using green hydrogen to power the marine sector, as well as domestic and commercial vehicles such as cars, vans and lorries.
More than 80% of Iceland’s energy consumption is already based on renewables – primarily geothermal and hydro power – but the development of green hydrogen projects will mean the country can truly claim to be world leaders in the field of renewable and clean energy.
Hydrogen Ventures Chief Executive Officer Horacio Carvalho said, ‘Iceland has set itself ambitious targets for reducing its carbon emissions and we believe harnessing the power of hydrogen is crucial in achieving them. With its history of utilising renewable energy, Iceland is leading the way, showing the world how zero-carbon can be achieved and we are excited to be a part of this new revolution’.
HS Orka ́s CEO Tómas Már Sigurðsson said, ‘We are very excited about this collaboration with Hydrogen Ventures, which has gathered a great deal of knowledge and experience in managing projects of this magnitude. They realize the unique proposition of Iceland and what HS Orka’s Resource Park has to offer, but in addition to electricity, HS Orka will be able to supply them with fresh water and natural carbon dioxide, which is essential for the methanol production’.
HS Orka/Hydrogen Ventures projects will focus on using geothermal energy to produce green hydrogen, which will then be used in the production of synthetic fuels. All the hydrogen created and used will be certified ‘green hydrogen’ meaning that 100% of the energy used to generate it comes from renewable sources.
This project will comprise two phases, with an initial 30MW input, followed by a second phase of a much larger scale for the production of green hydrogen. The total cost of Phase One is anticipated to be €100m.
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This communication is for informational purposes only and is neither an offer to sell or purchase, nor the solicitation of an offer to buy or sell any securities, nor is it a solicitation of any vote, consent, or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
About Hydrogen Ventures
Hydrogen Ventures is a collaboration between Climate Change Ventures and Wellington Street Partners. Based in the UK, the team brings together expertise and knowledge in funding, disruptive technologies, innovative green solutions, local, national and international government and corporate policies. The company’s projects focus on green hydrogen production using renewable sources of energy.
About HS Orka
HS Orka is owned 50% by Ancala Partners and 50% by Jarðvarmi, a dedicated investment vehicle owned by Iceland’s largest pension funds for the development of HS Orka.
The company is a leading independent power generator in Iceland, owning and operating over 174 MW of geothermal power production capacity, in addition to a recently commissioned 10 MW hydro plant. The company engages in hot water production and fresh water harnessing sold to the local distribution network, as well as geothermal by-products. HS Orka operates an environmentally sustainable asset base, and benefits from a strong pipeline of expansion opportunities.