Magnora plans hydrogen-based marine fuel project in Norway

Norwegian renewable energy investor Magnora ASA (OSE:MGN) on Thursday announced plans for the development of a green maritime fuel project in the Tromso area in northern Norway.

The project will include large-scale production of green hydrogen and its conversion into green ammonia and/or liquid organic hydrogen carriers.

Magnora said it has signed a collaboration agreement with investment and asset manager Prime Capital and Troms Kraft, a publicly-owned power company in Tromso, to develop the project, which is currently in the feasibility phase. Final investment decision is targeted in late 2022 to mid-2023, and commercial operations by 2025.

The location is a main logistics hub and also has an excess of green electricity from hydropower and onshore wind, Magnora explained.

“With an existing electricity surplus from renewables, a large and innovative maritime and fisheries industry, and a competent industrial workforce, Tromso has all the right ingredients for success,” said Magnora executive chairman Torstein Sanness.

“On the short term we believe there is a significant potential for production of green fuels for local consumption, especially in the shipping and fishery industry, and in the longer-term Prime Capital clearly see the potential for national and international export from the region,” commented Prime Capital head of infrastructure Mathias Bimberg.

Choose your newsletter by Renewables Now. Join for free!