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FFI and Statkraft: an agreement to decarbonize Norwegian industry

Fortescue Future Industries secures a power purchase agreement with Statkraft for its Holmaneset project. FFI is thus moving towards its goal of producing green hydrogen and green ammonia for global decarbonization.

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Fortescue Future Industries (FFI) has taken a significant step toward its goal of becoming a leader in green hydrogen and green ammonia production by securing a long-term power purchase agreement (PPA) with Statkraft.

Statkraft commits to provide renewable energy to FFI for its future green hydrogen and green ammonia facility

As part of the conditional agreement signed in Oslo, Statkraft will provide renewable energy to support FFI’s operational plans for a 300 megawatt green hydrogen and green ammonia facility.

FFI CEO Mark Hutchinson stressed the urgency of producing green hydrogen and green ammonia to support global decarbonization. He says the partnership with Statkraft was a strategic decision. In addition, Hutchinson points out that Statkraft is Europe’s largest producer of renewable energy. Indeed, the company will play a crucial role in enabling ambitious European greenhouse gas emission reduction targets.

Statkraft’s Executive Vice President of Markets, Hallvard Granheim, emphasized that providing renewable and competitive energy to Norwegian industries is a key task for Statkraft. Together with the PPA, they will also contribute to the development of a green industry in Norway. Since green hydrogen and green ammonia are crucial solutions needed to decarbonize society and achieve carbon neutrality goals.

FFI moves forward to meet its green hydrogen and green ammonia production goals with its Holmaneset project

FFI identified the Holmaneset project site, located approximately 8 km west of Svelgen in the municipality of Bremanger, as a preferred location for the development of renewable energy and port facilities after conducting a feasibility study across Norway.

Currently, FFI is in the feasibility phase of the Holmaneset project, conducting several environmental, viability and social studies. At the same time, it develops a project concept that complies with Norwegian regulations, FFI’s environmental and social policies and international best practices.

The APP is contingent upon a positive final investment decision for the Holmaneset project. Overall, the agreement with Statkraft is an important development for FFI, marking a critical step toward achieving its goals of producing green hydrogen and green ammonia to support global decarbonization.

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