Industry News

Aker Horizons receives substantial funding for Rjukan green hydrogen project

by | Jun 6, 2023

Up to NOK135m (U$12.2m) in grants and loans has been awarded to Aker Horizons Asset Development – the asset development arm of Aker Horizons – by Innovation Norway for a green hydrogen production facility based in Rjukan, Eastern Norway.

The substantial amount of funding awarded by Innovation Norway – a Norwegian Government body which supports innovation and development within the country – is divided into NOK85m (U$7.7m) in grants, and a further NOK50m (U$4.5m) as part of a green growth loan.

When fully operational and at full capacity, the Rjukan project is estimated to produce 9 tons of green hydrogen per day from a 20MW electrolyzers capacity. To date, Aker Horizons Asset Development has secured the sites’ existing infrastructure in addition to industrial land and the available hydropower.

A final investment decision is planned for Rjukan before the end of 2023, ahead of an estimated commercial operation start date in 2025.

“We greatly appreciate the financial support from Innovation Norway for our hydrogen project at Rjukan, which will further de-risk the project and enable us to accelerate the scaling up of hydrogen production,” said Knut Nyborg, CEO, Aker Horizons Asset Development. “Rjukan is an important frontrunner in our portfolio and will serve as a blueprint for our larger projects, such as our large-scale green ammonia project in Narvik. Our goal is for green hydrogen to become a cost-competitive climate solution to reach net zero, both in Norway and globally.”

“The development of new technology for the production and commercialization of green hydrogen plays an important role in Norway’s green energy transition,” added Håkon Haugli, CEO, Innovation Norway. “The Rjukan green hydrogen project is an early mover and an innovative project with great growth potential, which can contribute to increased mainland exports from Norway.”

Compressed hydrogen produced at Rjukan will be delivered by Aker Horizons to industry, shipping and mobility off-takers in Eastern Norway. Furthermore, a letter of intent has already been secured by Aker Horizon for the offtake of a significant amount of hydrogen made at the site.

“The Rjukan green hydrogen plant will entail several hundred million kroner in investments and create new green jobs,” said Ragnhild Stokholm, asset development manager, Aker Horizons. “We are working closely with Tinn municipality, Rjukan Chamber of Commerce and local industrial actors, to explore opportunities for utilizing the waste heat from the hydrogen production for other industrial processes, thereby supporting local circular economic development.”

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