Icelandic utility company HS Orka and Hydrogen Ventures Ltd. (H2V; London) have announced plans to develop a production plant for green methanol using green hydrogen to power the marine sector, as well as domestic and commercial vehicles such as cars, vans and lorries.
More than 80% of Iceland’s energy consumption is already based on renewables – primarily geothermal and hydro power – but the development of green hydrogen projects will mean the country can truly claim to be world leaders in the field of renewable and clean energy.
H2V’s Chief Executive Officer Horacio Carvalho said, “Iceland has set itself ambitious targets for reducing its carbon emissions and we believe harnessing the power of hydrogen is crucial in achieving them. With its history of utilizing renewable energy, Iceland is leading the way, showing the world how zero-carbon can be achieved and we are excited to be a part of this new revolution.”
HS Orka´s CEO Tómas Már Sigurðsson said, “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.”
HS Orka/H2V’s projects will focus on using geothermal energy to produce green hydrogen, which will then be used in the production of synthetic fuels. All the hydrogen created and used will be certified ‘green hydrogen’ meaning that 100% of the energy used to generate it comes from renewable sources.
This project will comprise two phases, with an initial 30MW input, followed by a second phase of a much larger scale for the production of green hydrogen. The total cost of Phase One is anticipated to be €100 million.