Provaris join forces with Norwegian Hydrogen to rePower the EU
Norway represents 50 per cent of the hydropower reservoir capacity of EU and is consequently key in reaching the REPowerEU ambition of 10mtpa hydrogen import by 2030.
Provaris Energy Ltd has executed a Memorandum of Understanding (MOU) with Norwegian Hydrogen AS, a Norwegian-based developer of hydrogen production hubs and value chains across the Nordic region, to collaborate on the development on green hydrogen value chain projects in the Nordics.
The MOU provides a framework to jointly undertake a Concept Design Study to:
- Review identified sites and select a preferred location suitable for domestic and export volumes of hydrogen.
- Undertake a technical and economic review for the production and supply of compressed gaseous green hydrogen to nominated European ports.
The scope of the study will include the renewable power supply, production of hydrogen, compression facilities, storage, infrastructure for jetty loading and unloading, Provaris' H2Neo carrier, and import infrastructure required at identified import locations. Application for suitable funding schemes available through national schemes and the European Union will also be made.
Martin Carolan, Provaris Managing Director and CEO commented:
"Provaris is delighted to collaborate with Norwegian Hydrogen to accelerate our development ambitions of an integrated export hydrogen project from the Nordic region that will benefit from the simplicity and efficiency of compressed hydrogen as a marine carrier."
The Nordic region offers several advantages that can include low-cost hydro power, proximity to offtake markets and supportive governments committed to supplying hydrogen to Europe. This collaboration also has strategic alignment with the development timeline of our H2Neo carrier and validation of the increasing interest for our compressed H2 transport solution for hydrogen supply into Europe."
Jens Berge, Norwegian Hydrogen's CEO commented:
"We are excited to work with Provaris on a solution which will bring green hydrogen to the EU market in a flexible, cost effective and timely manner. The vast experience and diverse capabilities within the combined Provaris and Norwegian Hydrogen team, along with a huge demand for green hydrogen in the EU, makes this a great opportunity for both parties."
Per Roed, Provaris Chief Technical Officer added:
"In August 2022, Provaris Norway AS was established strategically as our European hub to establish partnerships that can leverage the availability of low-cost, stable green energy in close proximity to major European import hubs. Our collaboration with Norwegian Hydrogen is an example of our strategy to position the Nordics a first-mover and leader in export projects. We are very excited to join forces with Norwegian Hydrogen who share our ambition to target fast-track opportunities to commence hydrogen exports."