Vitol Acquires 10% Stake in Green Hydrogen Firm ‘Gen2 Energy’ for undisclosed Amount

Energy trader Vitol has bought 10 per cent equity interest in a Norwegian producer of green hydrogen, Gen2 Energy, for an undisclosed amount.

April 27, 2021. By Manu Tayal

Energy trader Vitol has bought 10 per cent equity interest in a Norwegian producer of green hydrogen, Gen2 Energy, for an undisclosed amount.

The Norwegian producer aimed to use the country’s surplus hydroelectric power to produce green hydrogen which will be transported and sold to European customers.

Already, the work at the company’s initial site in the northern Norway is underway and once completed it will have a capacity of at least 80 MW, producing 11.7kt per annum of green hydrogen. The production at this site is expected to commence by December 2023.

Simultaneously, it is also developing another green hydrogen facility in the south-west region of Norway with an eventual capacity of 300 MW.

Commenting on the acquisition decision, Chris Bake, Managing Director of Vitol said, “we are pleased to be involved in this exciting project. Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero.”

“We are very pleased to successfully complete our strategic financing round with Vitol as an Anchor Investor. Gen2 Energy is working diligently to build large-scale production and distribution of green hydrogen with zero emissions throughout the value chain, and we could not have wished for a better partner than Vitol,” said Jonas Meyer, Chief Executive Officer, Gen2 Energy.

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