🇳🇴 Innovation Norway supports Norwegian Hydrogen’s project at Hellesylt

February 2, 2024
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Hellesylt Hydrogen HUB

Innovation Norway offers Norwegian Hydrogen a NOK 35 million ‘green growth loan’.

“Norway and the world are facing a tremendous transition in the coming years, and we are entirely dependent on the business sector leading the way. Therefore, we need companies like Norwegian Hydrogen to succeed in finding new, sustainable solutions,” says Helge Gjerde, regional director for Møre and Romsdal at Innovation Norway.

Norwegian Hydrogen was established in Ålesund in 2020 by a group of investors with an ambition to create a new industry within zero-emission solutions. The company contributes to the green transition by developing and managing infrastructure for green hydrogen, primarily aimed at heavy transport, maritime customer segments, and industrial applications. The project now receiving support from Innovation Norway is the construction of the company’s first hydrogen production facility in Norway, to be located at Hellesylt, in Møre and Romsdal county.

Almost ready

“We are almost ready to start production at what will be a fantastic facility, contributing to zero emissions in a number of sectors already this year. The green growth loan strengthens our ability to invest in other projects and further growth. We have big ambitions that take time to build up. It is very gratifying that Innovation Norway has chosen to support us further in this process, just as they did with the Pilot-E support, which contributed to the establishment of the Hellesylt Hydrogen Hub,” says Jens Berge, CEO of Norwegian Hydrogen.

The pilot-factory will have a production capacity of 3 MW, and production is planned to start in the middle of 2024. The factory will be the important, first pilot plant that will help lay the foundation for the realization of the company’s growth ambitions. The hydrogen plant at Hellesylt will also be an important showcase for continued growth in the company and for the entire industry.

Green growth loan

Innovation Norway has granted NOK 35 million green growth loan to Norwegian Hydrogen. The loan may finance, among other things, large projects in the form of capital-intensive industrial establishments and can be given to companies investing in circular production processes. Investments through the program are intended to contribute towards Norway’s 55-percent goal for greenhouse gas reduction by 2030 and to investments that contribute to green transition.

We hope that Norwegian Hydrogen succeeds, and hopefully their chances increase when we (Innovation Norway) can contribute to reducing the risk for investors.
Helge Gjerde, Innovation Norway
Press release from Innovation Norway (in Norwegian):

Originally published on 1 February by Norwegian Hydrogen.

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