HS Orka And Hydrogen Ventures Limited Plans to Produce Green Hydrogen and Methanol in Iceland
- 09-Aug-2021 5:23 PM
- Journalist: Rene Swann
UK-based joint venture Hydrogen Ventures Limited joined forces with Iceland’s leading power generator HS Orka to build a Green Hydrogen plant in Iceland. The project will consist of two phases where 1st phase of the project will be built with the investment of Euro 100 million (USD 117.5 million).
The plant is set to produce 100% certified Green Hydrogen using geothermal energy and which will be further utilized to produce synthetic fuels including Methanol. Furthermore, these synthetic fuels will be used to power marine sector, along with transportation vehicles, both commercial and domestic.
This project comes as a major development for Iceland which has set an ambitious target of carbon neutrality by 2040. Iceland has already met its 80% of total energy consumption demand by means of renewables primarily geothermal and hydro power.
HS Orka’s CEO Tomas Mar Sigurosson, “We are very excited about this collaboration with H2V which has gathered great deal of knowledge and experience in managing projects of this magnitude. They realize the unique proposition of Iceland and what HS Orka's Resource Park has to offer, but in addition to electricity, HS Orka will be able to supply them with fresh water and natural carbon dioxide, which is essential for the methanol production.”
As per ChemAnalyst, “Green Hydrogen is the key to Europe’s Clean Energy Transition and European Green Deal. It also forms a bridge between producing power through renewables and decarbonizing the energy share of the European nations. Cost of production of Green Hydrogen prompts the question towards its viability when applying it on a larger scale. However, recent developments like Green Hydrogen Catapult Initiative by the seven biggest Green Hydrogen developers which plans to increase the production of Green Hydrogen by around 50 folds in coming years. Furthermore, such developments improve the Green Hydrogen prospects and its economic viability.”