Green hydrogen and methanol project announced in Iceland
Icelandic utility company HS Orka and Hydrogen Ventures have announced plans to develop a production plant for green methanol using green hydrogen.
The green hydrogen will be used to power the marine sector, as well as domestic and commercial vehicles such as cars, vans and lorries.
Read more: Steeling the future: Using hydrogen to make green steel
The project 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 the 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.
HS Orka has been a leader in the production of renewable energy for 40 years. The company employs a powerful group of experts with extensive experience in their field and operates two geothermal power plants, Orkuverið Svartsengi and Reykjanesvirkjun.
Hydrogen Ventures is a UK based joint venture with a focus on green hydrogen production using renewable sources of energy and cutting-edge technologies.
Hydrogen Ventures 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 utilising 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 added: “We are very excited about this collaboration with Hydrogen Ventures which has gathered a great deal of knowledge and experience in managing projects of this magnitude. They realise 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.”
Read more: Green hydrogen could use existing gas pipelines
More than 80% of Iceland’s energy consumption is already based on renewables – primarily geothermal and hydropower – but the development of green hydrogen projects will mean the country can truly claim to be world leaders in the fields of renewable and clean energy.
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