Luxcara invests in green hydrogen production in Norway

28.01.2025

Source: E & M powernews

Hamburg-based asset manager Luxcara and "GreenH" are planning hydrogen production in the Bodo project from 2026. The hydrogen is to be used in a ferry.

Luxcara has made the final investment decision for the green hydrogen project in the municipality of Bodo, in northern Norway, 100 kilometers north of the Arctic Circle, together with the Norwegian hydrogen project developer "GreenH". The planned electrolyzer will have a capacity of 20 MW in the first phase and produce up to 3,100 tons of green hydrogen per year. In a second phase, the output will be increased to a total of 30 MW, which corresponds to an annual capacity of around 4,800 tons. Construction work has already started on site.

As the partners announced in a joint press release, the Bodo project will supply green hydrogen directly to the Torghatten Nord ferry. The ferry is scheduled to operate between Bodo and Vestfjorden from 2026. Luxcara and Green H received a grant of 129 million Norwegian kroner (equivalent to around 11 million euros) from Enova for their project in December last year. This is a state institution that is part of the Norwegian Ministry of Climate and Environment. The partners cite this funding as the decisive factor for the investment.

The Hamburg-based asset manager acquired a majority stake in the project company at the beginning of 2024, while Green H retains a minority stake. Halvor Nessen, Investment Manager at Luxcara: "The Bodo project combines all the key success factors: local customers such as Torghatten Nord and access to low-cost renewable electricity. The use of by-products such as residual heat and oxygen creates additional added value."

Luxcara was founded in Hamburg in 2009. The company specializes in the acquisition, financing and operation of sustainable energy infrastructure. Its portfolio includes wind power, photovoltaic and hydrogen projects as well as charging stations for electric vehicles in Europe.

The Bodo project is the North German company's second hydrogen project. The company had already announced the "Hamburg Green Hydrogen Hub" - HGHH for short - in 2023 and thus the construction of a 100 MW electrolyzer. This is to be built on the site of the former Moorburg coal-fired power plant in collaboration with Hamburger Energiewerke (we reported).

Green H, founded in 2019 and headquartered in Oslo, develops hydrogen projects throughout Norway. According to the company, its focus is on producing green hydrogen close to consumption in order to achieve cost savings. Green H is also working on other hydrogen projects in Norway, such as in Rogaland, Kristiansund and Tonsberg.

Author: Davina Spohn