The creation of this hub with greatly enhance Norway’s hydrogen capabilities and support the growing sustainable energy revolution within the country.

The joint venture will aim to develop attractive sites for power-intensive industries, with roads and other common infrastructure to support the innovative sites.

Narvik forms part of Aker Horizons’ expanding portfolio of hydrogen-derivative projects, spanning from Norway to Chile, which combined represents 1.8GW in net capacity under development.

Kristian Røkke, CEO of Aker Horizons, said, “Northern Norway, and the Narvik region in particular, offers highly attractive opportunities for decarbonising power-intensive industries, using the area’s renewable energy surplus.

“In Nordkraft, we’ve found a partner with century-long experience with developing, constructing, producing and distributing low-cost renewable energy.

“Combined with the industrial expertise and real estate development competencies in the Aker group, we’re ideally positioned to develop strategically located land into industrial sites, along with a comprehensive network solution for the region.

“This will serve as a platform for Aker Horizons’ flagship green industrial hub in the Narvik region, which together with local industry, will convert renewable power into large-scale hydrogen production, green value chains and sustainable export industries.”

Eirik Frantzen, CEO of Nordkraft, said, “With this joint venture, we gain access to considerable resources, capital and industrial expertise through Aker Horizons, which shares our vision of developing new green industry in the Narvik region, that will play an important role in the path to a global net-zero carbon economy.”