June 1 (Renewables Now) - Aker Horizons ASA (OSE:AKH), the renewables platform controlled by Norway’s Aker ASA (OSE:AKER), has secured up to NOK 135 million (USD 12m/EUR 11.2m) in state grants and loans for its green hydrogen project in Rjukan, eastern Norway.
The financing was awarded to Aker Horizons Asset Development and includes up to NOK 85 million in grants and an up-to-NOK-50-million green growth loan from state-owned development bank Innovation Norway, a statement said on Thursday.
The Rjukan plant is expected to produce around nine tonnes per day of green hydrogen with 20 MW of electrolysers running on hydropower. It will deliver compressed hydrogen to industry, shipping and mobility off-takers in eastern Norway, with the company already having signed a letter of intent (LoI) for a substantial volume.
A final investment decision for the project is expected to be made by the end of the year, while the commissioning is scheduled for 2025. The Norwegian company has already secured existing infrastructure and industrial land as well as available hydropower at the site.
“Rjukan is an important frontrunner in our portfolio and will serve as a blue-print for our larger projects, such as our large-scale green ammonia project in Narvik,” said Knut Nyborg, CEO of Aker Horizons Asset Development.
(NOK 10 = USD 0.890/EUR 0.833)