Marquard & Bahls and Nordic Blue Crude have entered into an agreement, through which Marquard & Bahls shall increase its shareholding in the Norwegian company and will commit to equity financing when the E-Fuel 1 plant reaches final investment decision.
Power-to-Liquid (PTL) company Nordic Blue Crude aims to combine green hydrogen produced with Norway's renewable hydropower and CO2 from point source emissions (waste burning plants, biofuel plants, and other industrial processes with unavoidable emissions).
Nordic Blue Crude will build an E-Fuel plant at Herøya industrial park in Porsgrunn, 150 km southwest of Oslo, Norway. The design capacity is 10 million litres of carbon-neutral fuels and waxes. The following E-Fuel plants will have a capacity of 200 million litres each.
Mark Garrett, CEO of Marquard & Bahls, said: "By increasing our participation in Nordic Blue Crude, Marquard & Bahls takes an important step on the company’s commitment towards a greener future for fuels. Nordic Blue Crude team is showing us their ability to bring this project into life, and I am confident about our positive contribution to the success of the business.”
Gunnar Holen, CEO of Nordic Blue Crude, said: “Nordic Blue Crude sees Marquard & Bahls as one of the early movers in the quest for renewable fuels, and consequently, we are delighted to have them on board as a partner and significant shareholder. With Marquard & Bahls’ contribution, Nordic Blue Crude progresses rapidly towards finalising the construction of the world's first commercial Power-to-Liquid plant at Herøya, Norway.”
Read the article online at: https://www.tanksterminals.com/special-reports/13102020/marquard-bahls-to-increase-participation-in-nordic-blue-crude/