HS Orka and Hydrogen Ventures Limited (H2V) have announced plans to utilise geothermal energy in Iceland to produce green methanol from renewably-sourced green hydrogen which will power the marine sector, as well as domestic and commercial vehicles.
HS Orka/H2V’s projects are a key element in Iceland’s plans to become carbon neutral by 2040. Currently more than 80% of the country’s energy consumption is already based on renewables, mainly through geothermal energy and hydropower.
The companies’ programme is comprised of two key phases, with an initial 30MW input, followed by a second, larger phase devoted to the production of green hydrogen. The total cost of Phase One is anticipated to be €100m.
Horacio Carvalho, CEO of H2V, said: “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.”
Other Iceland hydrogen projects include plans to ship fuel to Rotterdam, Europe’s largest port, which is increasingly invested in hydrogen.