Fortescue Future Industries and Statkraft Secure Power for Proposed Holmaneset Green Hydrogen and Green Ammonia Project

(Oslo March 30, 2023) Fortescue Future Industries (FFI) has secured renewable power for its proposed Holmaneset green energy project, entering into a long-term Power Purchase Agreement (PPA) with Statkraft.

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The conditional agreement signed in Oslo today, will see Statkraft supply renewable power to support FFI's operational plans for a 300 megawatt green hydrogen and green ammonia facility.

FFI CEO Mark Hutchinson said, 'There is an urgency to produce green hydrogen and green ammonia and support global decarbonisation as quickly as possible.'

'FFI has chosen to partner with Statkraft to develop one of its first green ammonia projects, because they are Europe's largest renewable power generator and will play a key role to enable ambitious goals to reduce European greenhouse emissions and assist FFI to become a leader in green hydrogen and green ammonia production.'

Statkraft EVP Markets Hallvard Granheim said, 'Providing renewable and competitive power to Norwegian industries is a key task for Statkraft. With this PPA we also contribute to green industry development in Norway. Green hydrogen and green ammonia are two of the solutions needed to decarbonise society – and reach the net zero target.'

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FFI undertook a Scoping Study across Norway to identify potential locations for the development of renewable energy and port facilities. Through that process, the Holmaneset Project site was identified as a prime location (approximately 8km west of Svelgen in Bremanger municipality).

Currently in the feasibility phase of the Holmaneset Project, FFI is conducting several environmental, viability and social studies and is developing a project concept in line with Norwegian regulations, FFI's environmental and social policies and values, and international good practice. The PPA is conditional upon a positive Final Investment Decision for the Holmaneset Project. 

About Fortescue Future Industries (FFI)

Fortescue Future Industries (FFI) is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 per cent renewable sources.

Green hydrogen is a zero-carbon fuel that, when used, produces primarily water. It is a practical and implementable solution that can help revolutionise the way we power our planet: helping to decarbonise heavy industry and create jobs globally.

FFI is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable green hydrogen and green ammonia projects.

FFI is also leading the global effort to help decarbonise hard-to-abate sectors and is developing and acquiring the technology and energy supply to help decarbonise the iron operations of one of the world's largest producers of iron ore by 2030 (Scope 1 and 2 terrestrial emissions) – our parent company Fortescue Metals Group (ASX FMG).

About Statkraft

Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 5,300 employees in 21 countries.