The four 5MW containerised Neptune V plants will produce green hydrogen for use in the maritime sector. Production is expected to start in late 2026.
The site could also be expanded to 40MW of electrolysis capacity from 2027.
Greenstat, a subsidiary of La Française de l’Energie (FDE), started construction on the plant in August after it took full ownership of the project from Everfuel.
Read more: Construction starts on 20MW Norwegian green hydrogen plant
Previously, Greenstat and Everfuel signed Letters of Intent (LoIs) with companies such as Holland-Norway Lines, FFS Marine, and Arrive Shipping to potentially offtake over 8,000 tonnes of compressed hydrogen per year.
The project was awarded NOK 138m ($12.2m) from the Norwegian Government in 2022 – representing over 40% of the total planned investment.
For ITM, the deal comes as its third Neptune V contract after the product launched last year with a price of £4.35m ($5.4m).
After telling investors that the European market and the firm’s small-scale containerised electrolyser would drive much of its near-term business, ITM CEO Dennis Schulz said the Nordics presented an “exciting opportunity for green hydrogen.”
No reason to believe green hydrogen FID momentum won’t continue: ITM CEO
Green hydrogen final investment decision (FID) momentum is accelerating, setting up 2025 as a potential turning point, ITM Power CEO Dennis Schulz told investors.
Having logged revenues of £15.5m ($19.3m) in H1 FY25, up 183% year-on-year, and reduced its EBITDA 7% to -£16.8m (-$20.9m), the UK electrolyser maker believes it is in “pole position” to capture demand thanks to its operational changes and continued cost reductions.
With a £135.3m ($168.4m) order backlog – up from £43.7m ($54.4m) in 2022 – and a “very healthy sales pipeline,” Schulz said the company had “forecast” and “meticulously prepared” for the hydrogen technology market consolidation that has “undoubtedly” started.
And despite the range of projects being scrapped or delayed in 2024, the CEO believes the momentum seen in certain segments will continue.
“I think we will see a lot of FIDs in the 5-30MW range,” he told investors…
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