Aker Horizons Secures Grants & Loans for Rjukan Green Hydrogen

Aker Horizons ASA, a prominent developer of green energy and industry, is delighted to announce that its wholly-owned asset development arm, Aker Horizons Asset
Rjukan Green Hydrogen
Rjukan Green Hydrogen

Aker Horizons ASA, a prominent developer of green energy and industry, is delighted to announce that its wholly-owned asset development arm, Aker Horizons Asset Development, has been awarded grants and loans worth up to NOK 135 million from Innovation Norway. The financial support will be allocated to the development of a green hydrogen production facility at Rjukan in Eastern Norway.

Innovation Norway, an instrumental organization for supporting innovation and enterprise development in Norway, has granted up to NOK 85 million in grants and up to NOK 50 million in a green growth loan for the Rjukan project, subject to specific terms and conditions. The facility will have a capacity to produce approximately 9 tonnes per day of green hydrogen, utilizing a 20 MW electrolyser. Aker Horizons has secured existing infrastructure, industrial land, and available hydropower at the site, positioning the Rjukan project as an early industry leader in green hydrogen production. The company aims to finalize the investment decision by the end of 2023, with commercial operations estimated to commence in 2025.

Expressing gratitude for the financial support, Knut Nyborg, CEO of Aker Horizons Asset Development, stated that the assistance from Innovation Norway will contribute to derisking the project and accelerating the scaling up of hydrogen production. He emphasized the significance of the Rjukan project within their portfolio, serving as a blueprint for future endeavors, including a large-scale green ammonia project in Narvik. Aker Horizons aspires for green hydrogen to become a cost-competitive climate solution, both in Norway and globally, supporting the transition to net-zero emissions.

Håkon Haugli, CEO of Innovation Norway, highlighted the crucial role of developing new technologies for the production and commercialization of green hydrogen in Norway's green energy transition. He commended the Rjukan green hydrogen project as an early mover with substantial growth potential, contributing to increased exports from Norway.

Aker Horizons plans to supply compressed hydrogen to various industries, shipping, and mobility stakeholders in Eastern Norway from the Rjukan facility. The company has recently completed the pre-FEED (Front-End Engineering Design) for civil works, and the permitting process is underway. Partnership discussions are progressing positively, and Aker Horizons has obtained a letter of intent for a significant portion of the offtake for Rjukan.

Ragnhild Stokholm, Asset Development Manager at Aker Horizons, shared that the Rjukan green hydrogen plant will involve substantial investments and generate new green jobs. Collaboration with Tinn municipality, Rjukan Chamber of Commerce, and local industrial actors aims to explore opportunities for utilizing waste heat from hydrogen production in other industrial processes, contributing to local circular economic development.

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