Grieg Edge has entered into a cooperation agreement on the development of green hydrogen company GreenH AS. As part of the agreement, Grieg Edge becomes a shareholder in GreenH AS.
Grieg Maritim Group has entered into an agreement through its subsidiary Grieg Edge on the development of green hydrogen with the Oslo-based GreenH. The agreement deals with both cooperation at GreenH’s various facilities as well as direct ownership in GreenH AS.
“We are very satisfied with the synergies such a cooperation will provide. That Grieg Edge is both an owner of GreenH AS and an owner and co-developer of our various facilities is a huge strength for our ability to execute,” said Morten Solberg Watle, chief executive of GreenH.
The cooperation is part of a strategic collaboration around establishing a value chain for hydrogen in Norway.
Grieg Maritim Group has today a shareholding of 10% in GreenH AS through its subsidiary Grieg Edge. Grieg Edge has the intention to increase its stake further through future issues in both GreenH and future subsidiaries.
“Grieg Edge will add a significant strength to GreenH through our financial abilities, and our expertise in green shipping. GreenH has strong expertise in hydrogen with several exciting deals and projects, which fit well with our portfolio,” said Nicolai Grieg, chief executive of Grieg Edge AS. “This is a cooperation we are certain will give both Grieg Edge and GreenH good synergies, and is an investment we expect to get a lot from.”
The first project is Grieg and GreenH’s planned plant in Bodø. The plant has a price tag of several hundred million kroner, and is planned to enter operation in time for the Vestfjord ferries’ move to be powered by hydrogen.
“We have entered into exciting agreements in Bodø, both in terms of setting up and end users. It is of course a feeling of security for our collaboration partners to have the Grieg group on board as a shareholder for such a project,” said Morten Solberg Watle.
Grieg and GreenH’s plant in Bodø will be one of the first of its type in the world to offer direct bunkering to maritime vessels directly from the plant. The company has spent many millions of kroner to develop these solutions and the plant itself. “We have over the past two years invested lots of resources in the technical development and studies of waves, wind, infrastructure, geology, and security. It is completely necessary to be able to set up such a plant,” said Thomas S Larsen, technical director of GreenH AS.
GreenH’s planned plant in Bodø was one of the few hydrogen facilities that received support from the Pilot-E programme of Innovation Norway, the Research Council of Norway, and Enova for the development of hydrogen infrastructure.
About Grieg Edge AS
Grieg Edge, and Grieg Maritime Group, part of the Grieg group, is an industrial investment company in the field of sustainable maritime investments, shipping, and the supply of green services to the maritime sector. The Grieg group has 138 years’ experience in shipping with 2,000 employees and 11 billion NOK in revenues. More information: www.grieg.no