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Gen2 granted tax relief within SkatteFUNN up to NOK 7,7M

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A tax break of up to NOK 7.7 million has been given to Gen2 Energy in exchange for the development of container and vessel solutions that will be essential components of a large-scale supply chain for green hydrogen.

A pair of multi-year SkatteFUNN projects in the field of Generation 2 Energy have been accepted by the Norwegian Research Council (NRC). The permission grants Gen2 Energy the ability to claim a tax credit for relevant and documentable expenses incurred in connection with research and development activities in the authorized projects for the period 2021 to 2023, subject to certain conditions.

In the container project, Gen2 Energy aims to build a new container that can safely store, transfer, and transport huge volumes of compressed hydrogen (about 1 ton) in a tightly packed and safe manner in large numbers. The development of solutions for minimizing Kg tank/Kg H2 with low carbon footprint materials and components, as well as for quick and safe connections suitable with user interfaces, are all important parts of the research and development project. A significant component of the project is the identification of missing rules and standards, as well as the development of processes to ensure the safe handling of high quantities (for example, a periodic leak check at 500 bar).

The goal of the vessel project is to design and build a new vessel that will be capable of transporting huge quantities of compressed H2 containers in a safe and efficient manner. This includes determining the most appropriate ship design for H2 cargo based on quantities, routes, and safety, as well as the most appropriate loading concept and method for loading and unloading the containers. The project’s modeling and simulation of the chosen vessel design for transporting and managing large-scale compressed H2 containers is a critical component of the project’s overall strategy.

— The acceptance of research and development projects by the Norwegian Research Council indicates that Gen2 Energy is a knowledge-based leader in the Norwegian hydrogen race when it comes to research and development activities. Svein-Erik Figved, Director of Research and Development at Gen2 Energy, explains that the company’s unique methods for transporting and distributing huge amounts of green hydrogen are based on targeted research initiatives.

Jonas Meyer, CEO of Gen2 Energy, says that by developing new knowledge based on research activities and developing cost-effective solutions for transporting and delivering large volumes of containerized compressed hydrogen, the company is significantly strengthening its position in serving growing markets in Europe with green hydrogen.

Arnes Biogradlija
Creative Content Director at EnergyNews.Biz

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