Höegh LNG acquires minority stake in Gen2 Energy and signs cooperation agreement on seaborne logistics for green hydrogen

In a recently signed agreement, Gen2 Energy and Höegh LNG agrees to cooperate on the
development of a seaborne logistics chain for green hydrogen as envisioned by Gen2

The partnership targets to take a first mover position in seaborne transport of green hydrogen, a market that does not exist on a large scale today. Green hydrogen can be produced at cost competitive levels, but several of the optimal production sites are at remote locations, making transport by land expensive. By transporting hydrogen at sea, the two parties aim to reduce both transport cost and CO2 emissions significantly.

Höegh LNG’s contributions mainly relate to the extensive experience of shipping and import of natural gas, establishing energy infrastructure and maintaining complex logistics chains.
Gen2 Energy will contribute with its knowledge and experience in production and safe handling of green hydrogen. Together, the parties will also explore the use of carbon free propulsion systems for vessels and the potential for injection of hydrogen into the natural gas transmission grids.

Jonas Meyer, Chief Executive Officer in Gen2 Energy says: “I am very pleased to sign this cooperation agreement with Höegh LNG. The company has close to 100 years’ experience from the maritime industry, including handling and transport of natural gas, which is valuable when developing a new market for seaborne transport of hydrogen.”

He continues: “The agreement brings us one step closer to the goal of providing European energy markets with fossil-free hydrogen on a large scale, and we are extremely pleased to engage in this important collaboration with such an experienced actor. It also fits very well with Gen2 Energy’s announcement with Port of Cromarty Firth last week, which to my knowledge was the first ever export agreement for green hydrogen from Norway”.

Sveinung J S Støhle, President & CEO of Hoegh LNG, commented: “We are delighted to be both shareholder and a partner with Gen2Energy on seaborne hydrogen transportation. It is a critical element of the hydrogen value chain and one that Höegh LNG is uniquely positioned to serve. Gen2Energy has the potential to be one of the first large scale suppliers of green hydrogen to market with Höegh LNG taking a leading infrastructure role.”

For inquiries, please contact:

Gen2 Energy:
Jonas Meyer, Chief Executive Officer, Tel. +47 928 58 525, Jonas.meyer@gen2energy.no
Svein-Erik Figved, Director Public Affairs and R&D, Tel. +47 982 21 007, sveinerik.figved@gen2energy.no

Höegh LNG
Sveinung J. S. Støhle, President and Chief Executive Officer, Tel. +47 975 57 402
Knut Johan Arnholdt, VP IR and Strategy, Telephone +47 922 59 131

About Gen2 Energy | www.gen2energy.com
Gen2 Energy is a Norwegian company dedicated to develop, build, own and operate an integrated value chain for green hydrogen. The company target to have several large-scale production facilities for green hydrogen located in Norway and Northern-Europe as well as a 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.

About Höegh LNG | www.hoeghlng.com
Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG’s Vision is “Enabling the transition to Clean Energy”. The company is owned by Larus Holding Limited, a 50/50 joint venture between Leif Höegh & Co. Ltd. and Funds managed by Morgan Stanley Infrastructure Partners, and owns approximately 46% of Höegh LNG Partners LP (NYSE:”HMLP”). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 190 office staff and 670 seafarers.

Gen2 Energy AS, Borreveien 205, 3184 Borre, Norway