NHYDY Norsk Hydro ASA (QX)

By Dominic Chopping

STOCKHOLM--Swedish steel producer H2 Green Steel AB said Thursday it has signed an agreement with Hydro Havrand to explore opportunities around developing new large-scale green hydrogen production facilities.

H2 Green Steel is a start-up that aims to produce steel by replacing fossil fuels with green hydrogen produced with fossil-free energy and Hydro Havrand is Norsk Hydro ASA's green hydrogen company.

Under the agreement, the companies will explore producing green hydrogen for customers in the Nordics and Brazil via a large-scale hydrogen production facility in the Nordics and a potential hydrogen production facility in Brazil. The latter will enable 5 million tonnes of green steel in a plant owned by H2 Green Steel.

They will also evaluate supplying green hydrogen to other customers in hard-to-abate sectors while collaborating in areas such as hydrogen production plant design, system standardization, optimization, security of supply and safe operation of hydrogen production, storage and utilization.

All projects are pending successful feasibility studies and will be subject to obtaining any necessary regulatory clearances and the companies aim to execute projects from the second half of the decade.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 13, 2022 03:35 ET (07:35 GMT)

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