Statkraft Stops New Development of Green Hydrogen Projects

Statkraft has decided to stop new development of green hydrogen due to increased uncertainty in the market. Parts of the portfolio will be matured before seeking investors to realise the projects.

Statkraft has developed expertise and created value in green hydrogen projects in line with our strategy across various European markets, including Norway, Sweden, the UK, Germany, the Netherlands and Italy.

The company has decided to halt new development of hydrogen, though parts of the portfolio will be further matured before seeking investors to realise the projects. Several projects have received substantial external funding opportunities, and the company is working with authorities to ensure their progression.

Birgitte Ringstad Vartdal, President and CEO of Statkraft, said, "After reducing the ambition level on green hydrogen development last year, we are experiencing even more uncertainty in the market. Therefore, Statkraft has decided to stop new development of green hydrogen and going forward we will prioritise growth opportunities in other technologies, and market operations."

Statkraft continues to believe in the long-term future of green hydrogen and its importance in reducing emissions from carbon-intensive industries. Market activities related to hydrogen will continue to be part of Statkraft’s portfolio.

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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 around 7,000 employees in more than 20 countries.