Norway has an abundance of not only wind energy but hydroelectric capabilities that can provide the necessary renewable energy to generate green hydrogen.

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This is the most sought-after hydrogen variant and will be crucial in decarbonising the globe with green hydrogen emitting no carbon emissions when used whilst also producing no emissions when created.

According to Gen2, its electrolyser can operate virtually 24/7 with lower unit costs of hydrogen which can help increase the accessibility of green hydrogen and accelerate its adoption.

With this, Gen2 has a series of projects in its pipeline, totalling an estimated 700MW, in Norway to begin with, which could commence production in 2024 to 2026.

Simon Hogan, Chairman of HydrogenOne, said, “Gen2 marks HydrogenOne’s first step into investment into hydrogen supply projects, and we are looking forward to working with the Gen2 team to progress these exciting developments.

“This transaction demonstrates the breadth of opportunities available to HydrogenOne as we roll out our investment strategy.”

Jonas Meyer, CEO of Gen2, said, “We are very pleased to welcome HydrogenOne as a shareholder in Gen2, and look forward to working with their experienced team.

“Green hydrogen is expected to play a vital role in the path to a zero-emission society, and Gen2 is developing attractive projects with some of the lowest estimated capex and opex in Europe.’’