Aker accelerates integrated decarbonisation efforts

The Aker group is positioning itself to meet market demands to improve energy efficiency, increase renewables and electrification, and address infrastructure bottlenecks, said Øyvind Eriksen, Chief Executive Officer of Aker ASA and Chairman of Aker Horizons.

Starting in Narvik and using the expertise built up in Aker Clean Hydrogen, Aker Horizons will originate and develop green industry projects hub by hub. The group have identified decarbonising steel, the world’s largest emitting industrial value chain, as a key opportunity. In Narvik, Aker Horizons aims to develop integrated hydrogen and green iron production. In Chile, the group plans to develop Power-to-X projects – the nation has abundant energy resources including the highest long-term solar irradiance globally.

Aker Horizons and Aker Offshore Wind are to combine in an all-stock merger that will reposition Aker Offshore Wind as a privately held subsidiary of Aker Horizons. Aker Clean Hydrogen will also be repositioned as a private subsidiary. With an integrated development approach, Aker Horizons plans to develop green assets in areas such as hydrogen, ammonia and methanol, green iron, and infrastructure.

Aker Clean Hydrogen accelerating development projects

In particular, the proposed merger with Aker Clean Hydrogen will accelerate the development of large-scale hybrid decarbonisation projects integrating hydrogen production with downstream applications.

Aker Clean Hydrogen has already teamed up with Kuehne+Nagel, the world’s largest sea logistics provider, to offer green container transport. They are already in advanced discussions with containership owners who share the ambition of fossil-free shipping and who want to convert to hydrogen, ammonia and methanol engines. The first vessels are in production and expected to hit the waters in 2024.

Aker Clean Hydrogen is collaborating with a local wind farm operator to develop a 200MW capacity green ammonia production facility in Berlevåg in Norway’s High North. The plant could begin production before 2025. Aker Clean Hydrogen will secure access to green fuels, and Kuehne+Nagel will handle the booking of contracts for environmentally friendly containers in cooperation with their carrier partners.

Mitsui buys in to Mainstream Renewable Power

Aker Horizons has also announced that Mitsui & Co. will invest EUR 575 million in Mainstream Renewable Power. Mitsui will take a long-term active role in the growth of the company, alongside Aker Horizons, which will own 54.4 percent of Mainstream following the transaction.

Mainstream is a pure-play renewable energy company with a 14-year track record in developing, building and operating wind and solar generation assets across global markets, including in Latin America, Africa, Asia-Pacific and Europe. It is one of the most successful developers of gigawatt-scale renewables platforms across onshore wind, offshore wind, and solar power generation having successfully delivered 6.5GW of assets to financial close-ready, including the Hornsea zone, the world’s largest offshore wind farm currently in operation. Mainstream is accelerating its growth in green ammonia and green hydrogen production, to rapidly advance its Power-to-X offering.

Mitsui and Mainstream’s portfolios are complementary, with both companies having significant assets in operation or under development in Latin America, Africa and Asia. Mitsui will leverage its global business network across industries and its wide-ranging industrial capabilities, including global independent power producer competence from 22 countries.

Together Mitsui, Aker Horizons and Mainstream aim to collaborate in new business areas such energy trading, energy management, battery storage, and green hydrogen and ammonia.