Vitol acquires stake in green hydrogen company

Vitol has acquired a 10% equity interest in Gen2 Energy, a Norwegian producer of green hydrogen, for an undisclosed sum.

Gen2 Energy aims to use Norway’s surplus hydro-electric power to produce green hydrogen which will be transported and sold to customers principally in Europe.

Work at the company’s initial site in the north of Norway is underway and once complete it will have a capacity of at least 80 MW, producing 11.7 kt/y of green hydrogen.

Gen2 Energy is also developing a second green hydrogen facility in the south-west of Norway with an eventual capacity of 300 MW. 

Production at the first site is expected to commence by December 2023.