"Aker has been a driving force for knowledge-based industrial development for 180 years. A partnership with Yara and Statkraft, two fellow Norwegian industrial pioneers, marks the beginning of a new industrial adventure in
The first project in the equal partnership is for electrification and decarbonization of Yara's ammonia production at Herøya in Porsgrunn, one of the largest sources of onshore CO2 emissions in
"This is not just a unique decarbonization project, but a strategic investment that can establish new value chains for green hydrogen and green ammonia. Yara is a world leader in ammonia, with long experience and leading position within global ammonia production, logistics and trade. With Statkraft and Aker Horizons onboard we gain key expertise within renewable electricity, power markets, industrial development and project execution, giving us a unique opportunity to realize the project," says
Aker Horizons, Aker's listed investment company within renewables and green technology, will carry out the project through its wholly owned subsidiary, Aker Clean Hydrogen, a new Aker Horizons' company established to design, build, own and operate major hydrogen facilities globally. Like the rest of the Aker Horizons' portfolio, Aker Clean Hydrogen will leverage the deep domain expertise across the Aker ecosystem, including within system integration, software and technology and project execution, to build and operate the project as efficiently as possible.
The conversion of Yara's ammonia plant provides a unique opportunity to leverage
"Statkraft is
Shipping currently accounts for 2 percent of global GHG emissions, of which long-distance shipping represents 80 percent. Converting all long-distance shipping to ammonia would require approximately 500-600 tons of ammonia annually, 3-4 times current world production levels. The Norwegian shipping industry has a stated ambition to reduce emissions from domestic shipping by 50 percent by 2030, which will require significant green hydrogen production.
"It is currently more expensive to produce green hydrogen based on renewable electricity and electrolysis than through natural gas, but large-scale production will reduce cost of the electrolysis route. For hydrogen to be exported or used in long-haul shipping or fertilizer production, it needs to be converted to ammonia, and converting Yara's existing ammonia plant is both faster and more cost-effective than building a new plant. However, realizing this innovative project will require good incentive frameworks and support from the authorities," says Holsether.
Yara's Porsgrunn plant is well set up for large-scale production and export, allowing
"The Norwegian process industry and cornerstone companies in local communities are dependent on restructurings to secure and create new jobs. The Herøya project will be a starting point for further electrification of Norwegian industry and realization of hydrogen as an energy carrier. This forms the basis for a new export industry built on unique competency and expertise already in high demand in
Ammonia's chemical properties make it ideally suited for the hydrogen economy. It does not need to be refrigerated to the same temperatures as hydrogen, and has a higher energy density than liquid hydrogen, making it more efficient to transport and store. Ammonia is therefore the most promising hydrogen carrier and zero-carbon shipping fuel.
Yara, Statkraft and Aker will host a press conference today,
Aker Horizons will host a presentation about Aker Clean Hydrogen and its ambitions in the global hydrogen market on
-ENDS-
For more information, please contact:
Tel: +47 90784878
Email: atle.kigen@akerasa.com
Tel: +47 90532774
Email: christina.glenn@akerasa.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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