London — Energy trader Vitol has bought a 10% stake in green hydrogen firm Gen2 Energy that uses Norway’s surplus hydroelectric power to produce the fuel, the company said on Monday.
Gen2 Energy is currently building its first plant in the north of the country, which is due to start up in December 2023.
The site will have a capacity of 80 megawatts and produce 11,700 tonnes of hydrogen per year.
Hydrogen is considered green when the gas is extracted from water using electrolysis powered by non-fossil fuels. The gas is blue if it is produced from natural gas and the CO2 emissions are captured while grey is the same process but without CO2 storage.
Vitol, the world’s biggest oil trader, has been ramping up its push into the renewables sector over the last few years and has committed over $1 billion to green projects globally.
Vitol did not disclose the size of the Gen2 Energy investment.
(Reporting by Julia Payne; editing by Emelia Sithole-Matarise)