Iceland’s ambitious goal of becoming carbon neutral by 2040 took another step forward with the announcement of plans for an innovative new project that would harness the power of hydrogen to power transportation.
HS Orka and Hydrogen Ventures Limited (H2V) announced today bold plans to build a green methanol manufacturing plant powered by green hydrogen to power the marine sector, as well as personal and commercial vehicles such as automobiles, vans, and lorries.
Iceland now generates more than 80% of its energy from renewable sources – mostly geothermal and hydropower – but the development of green hydrogen projects would enable the country to legitimately claim to be a world leader in renewable and clean energy.
H2V’s Chief Executive Officer Horacio Carvalho said, ‘Iceland has set itself ambitious targets for reducing its carbon emissions and we believe harnessing the power of hydrogen is crucial in achieving them. With its history of utilising renewable energy, Iceland is leading the way, showing the world how zero-carbon can be achieved and we are excited to be a part of this new revolution.’
HS Orka´s CEO Tómas Már Sigurðsson said, ‘We are very excited about this collaboration with H2V which has gathered great deal of knowledge and experience in managing projects of this magnitude. They realize the unique proposition of Iceland and what HS Orka’s Resource Park has to offer, but in addition to electricity, HS Orka will be able to supply them with fresh water and natural carbon dioxide, which is essential for the methanol production‘.
The initiatives of HS Orka/H2V will focus on the utilization of geothermal energy to generate green hydrogen, which will then be utilized to manufacture synthetic fuels. All hydrogen produced and utilized will be certified as ‘green hydrogen,’ which means that the energy required to generate it will originate entirely from renewable sources.
This project will be implemented in two phases, the first with a 30MW input and the second with a considerably bigger scale for the production of green hydrogen. Phase One is expected to cost €100 million in total.
