Gen2 Energy and Umoe Advanced Composites AS (UAC) have signed a contract to jointly develop containers for large scale transport and storage of green hydrogen. The parties target to design and develop state of the art type IV glass fibre pressure vessels with all relevant approvals for transport on road, rail, and sea.
UAC is a global supplier of large type IV glass fibre pressure vessels and transportation modules for CNG, biogas, and hydrogen. The company has experienced an annual revenue growth of 46% since 2017, and announced at the end of November 2022 that it has secured financing for further capacity expansions in Norway and China.
Øyvind Hamre, CEO in UAC, said: “UAC expects maritime projects where hydrogen will be stored onboard, either for vessel propulsion and operation or for cargo applications, to grow in number and importance over the coming years. This contract shows that UAC’s products are a great match with Gen2Energy’s need for cost leading solutions for transporting large quantities of hydrogen by sea.”
Gen2 Energy is a Norwegian company dedicated to developing, building, owning and operating an integrated value chain for green hydrogen. The company targets to have a portfolio of large-scale production facilities for green hydrogen as well as a distribution network ensuring safe and reliable customer delivery, making it easy and cost efficient for consumers to adapt to green hydrogen.
Jonas Meyer, CEO in Gen2 Energy, said: “We are pleased to sign the agreement with UAC. Transport of hydrogen is a challenging part of the value chain. Together, Gen2 Energy and UAC aim to develop the preferred solution for customers in Europe. We believe the containers from UAC offer a great solution which is easy to adapt for customers and with uncompromising quality”.
As part of the agreement, UAC shall deliver containers that are approved and fully suitable for marine transport of hydrogen according to The International Maritime Dangerous Goods (IMDG) Code.
The contract includes a base order of 50 containers subject to Final Investment Decision (FID) for Gen2 Energy’s production facility and a Type Approved Container from UAC, and additional options ranging from 300 containers and upwards.
Gen2 Energy will partially finance the development phase, and has acquired a minority shareholding in UAC.
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For further information, please contact:
Gen2 Energy AS
Jonas Meyer, Chief Executive Officer, +47 928 58 525, jonas.meyer@gen2energy.com
Svein-Erik Figved, Head of Public Affairs, +47 982 21 007, svein-erik.figved@gen2energy.no
Umoe Advanced Composites
Øyvind Hamre, Chief Executive Officer, +47 977 95 590, ohe@uac.no
About Umoe Advanced Composites
Umoe Advanced Composites (UAC) is the leading global supplier of large type IV glass fibre pressure vessels and transportation modules for CNG, biogas and hydrogen. We offer advanced solutions, uncompromising quality and highly competitive prices. For further information, please visit https://www.uac.no/
About Gen2 Energy
Gen2 Energy is a Norwegian company dedicated to develop, build, own and operate an integrated value chain for green hydrogen. The company targets to have several large-scale production facilities for green hydrogen located in Norway and Northern Europe as well as an efficient distribution network ensuring customers safe and reliable delivery. We also aim to use low/zero emission fuel in our distribution system, taking a wholistic view on the environmental footprint of the hydrogen value chain. For further information, please visit www.gen2energy.com
