Gen2 Energy together with SEFE (Securing Energy for Europe), presented the latest developments in their green hydrogen cooperation project for German Chancellor Mr Olaf Scholz and Norwegian Prime Minister Mr Jonas Gahr Støre at the Hannover Fair today.
They could tell Scholz and Støre that the Gen2 Energy’s green hydrogen project in Mosjøen in Norway is one of the most mature large scale project in Europe that can deliver green hydrogen at scale to Germany in 2027. No construction of infrastructure is needed. The green hydrogen will be delivered through a mobile virtual pipeline using either train or ship to transport high volumes of certified containers with compressed hydrogen to end-users across Germany.
Gen2 Energy and SEFE have signed a Transaction Term Sheet for the delivery of green hydrogen from Norway to Germany. The Term Sheet represents significant progress on Gen2 Energy’s path to delivering green hydrogen from their first production plant in Mosjøen, Norway, and provides the company with credible evidence of market interest and commitment, a vital element towards a final investment decision for the hydrogen plant and related supply-chain. The signed Term Sheet empowers SEFE to enter more advanced discussions with their valued end-users.
The partnership between Gen2 Energy and SEFE is a pioneering project and represents a breakthrough in supplying green hydrogen from Norway in an early phase to customers within industry and mobility in Germany. The partnership is first of its kind and will have great impact in building a market for green hydrogen in Europe and the project fits extremely well with the climate targets and strategies in EU .
Being a first mover in this field, support from governments in the early phase is of key importance. This will reduce risk and trigger interest and necessary investments in the project. Gen2 Energy is awaiting the outcome of various funding applications from the EU. The parties are exploring additional support to achieve a viable business case.
Jonas Meyer, CEO in Gen2 Energy says: – We are leading a mature green hydrogen project that is ready to take a final investment decision (FID) in 2024. The approach of the project is complimentary to Germany’s development of a hydrogen pipeline network; enabling consumers to be supplied by green hydrogen before connection; and then moving on to other users as the pipeline network expands.
Background
In December 2022, a Memorandum of Understanding was signed between Gen2 Energy and SEFE. The close and targeted cooperation resulted in a Transaction Term Sheet that were signed in October 2023. The Term Sheet defined the terms and conditions for a final Sales and Purchasing Agreement and represented as such a major step to realize the export of green hydrogen from Norway to Germany. The parties are now in the process of preparing and finalising a final Sale and Purchasing Agreement.
About Gen2 Energy
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 several large-scale production facilities for green hydrogen located in Norway and Northern Europe as well as an efficient distribution network ensuring safe and reliable delivery for customers. 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 media inquiries, please contact:
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.com
For more information, visit www.gen2energy.com
