Aker Horizons will form a joint venture with Nordkraft to develop sites for power intensive industries in Northern Norway through its wholly-owned subsidiary Aker Narvik.
The project is part of Aker Horizons’ plan to create a green industrial hub in the Narvik area. Aker Horizons and its portfolio companies are establishing green value chains for power-intensive industries by combining their hydrogen and renewable energy capabilities.
Starting with acquiring Nordkraft’s rights to the sites at Kvandal, Fjellbu, Balsfjord, Korgen, and Straumsmo, the JV aims to develop attractive sites for power-intensive industries, with roads and other common infrastructure such as water supply, fiber access, and grid infrastructure for shared use. Aker Narvik will own 80% of the JV, while Nordkraft will own the remaining 20%. The agreement is expected to be completed by September 30, 2022.
Aker Horizons announced several strategic initiatives in the Narvik region in October 2021. The region has low-cost renewable energy, extensive export transportation connections, including road, rail, and port facilities, and local governments that are committed to the energy transition. Narvik is part of Aker Horizons’ growing portfolio of hydrogen-derivative projects, which span Norway to Chile and total 1.8 GW of net capacity under construction.
