By Dominic Chopping
Norwegian companies Aker Horizons AS, Statkraft AS and Yara International ASA said Thursday that they have signed a letter of intent aiming to establish an industrial-scale green ammonia project in Norway and enable the hydrogen economy.
The first project in the partnership will be to electrify Yara's existing ammonia facility in Porsgrunn, Norway.
"This is not just a unique decarbonization project, but a strategic investment that can establish new value chains for green hydrogen and green ammonia," said Svein Tore Holsether, Chief Executive of Yara.
The Porsgrunn project could be realized within five to seven years, they said.
The partners will target green hydrogen and green ammonia opportunities within shipping, agriculture and industrial applications, they said.
The companies said that ammonia is the most promising hydrogen carrier and zero-carbon shipping fuel, as it doesn't 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.
"For hydrogen to be exported or used in long-haul shipping or fertilizer production, it needs to be converted to ammonia," said Mr. Holsether.
Aker Horizons will carry out the project through its Aker Clean Hydrogen subsidiary, a new Aker Horizons company established to design, build, own and operate major hydrogen facilities globally.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
February 18, 2021 04:06 ET (09:06 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.