Several of Statkraft’s ongoing green hydrogen initiatives have secured external funding, and the company is collaborating with relevant authorities to support their progress. While new developments are on hold, Statkraft remains committed to its current market activities related to hydrogen.
Birgitte Ringstad Vartdal, President and CEO of Statkraft, stated: “After reducing the ambition level on green hydrogen development last year, we are experiencing even more uncertainty in the market. Therefore, Statkraft has decided to stop new development of green hydrogen and going forward we will prioritise growth opportunities in other technologies, and market operations.”
Statkraft emphasized its continued belief in the long-term potential of green hydrogen, particularly for reducing emissions in carbon-intensive industries. The company plans to maintain hydrogen-related market operations as part of its broader renewable energy portfolio, while focusing on other technologies for growth in the near term.
Recently, Statkraft terminated a contract with Norwegian hydrogen technology company Nel for a 40-megawatt alkaline electrolyzer. The agreement, originally signed in January 2023, was canceled due to unfavorable market conditions. The electrolyzer stacks were intended for production at Nel’s Herøya facility and were to be used in one of Statkraft’s renewable hydrogen projects.
Statkraft’s decision highlights its cautious approach to green hydrogen amid current market challenges, while continuingin maintaining a balanced portfolio of renewable energy solutions. The company aims to leverage its expertise in other renewable technologies and market operations to support sustainable energy goals, while keeping green hydrogen as a component of its long-term strategy.
