Vitol acquires 10% stake in green hydrogen producer Gen2 Energy

Dutch energy and commodities trader Vitol has bought a 10% stake in Norwegian green hydrogen producer Gen2 Energy for an undisclosed sum.

According to an announcement on Monday, Vitol has acquired the equity interest by taking part in a strategic financing round as an anchor investor.

Gen2 Energy’s strategy is to use Norway’s surplus hydropower to produce green hydrogen for sale in Europe. The firm is currently building its initial plant in the north of the country with a planned capacity of at least 80 MW. That facility will be making 11,700 tonnes of hydrogen per year once it begins operation by December 2023.

Meanwhile, a second plant of 300 MW is being developed in the south-west of Norway.

Choose your newsletter by Renewables Now. Join for free!