Gen2 Energy and UAC to develop containers for large scale transport of green hydrogen
The parties target to design and develop state of the art type IV glass fibre pressure vessels with all relevant approvals for transport on road, rail, and sea.
Gen2 Energy and Umoe Advanced Composites AS (UAC) have signed a contract to jointly develop containers for large scale transport and storage of green hydrogen.
UAC is a global supplier of large type IV glass fibre pressure vessels and transportation modules for CNG, biogas, and hydrogen. The company has experienced an annual revenue growth of 46% since 2017, and announced at the end of November 2022 that it has secured financing for further capacity expansions in Norway and China.
Øyvind Hamre, CEO in UAC, said:
“UAC expects maritime projects where hydrogen will be stored onboard, either for vessel propulsion and operation or for cargo applications, to grow in number and importance over the coming years. This contract shows that UAC’s products are a great match with Gen2Energy’s need for cost leading solutions for transporting large quantities of hydrogen by sea.”
Gen2 Energy is a Norwegian company dedicated to developing, building, owning and operating an integrated value chain for green hydrogen. The company targets to have a portfolio of large-scale production facilities for green hydrogen as well as a distribution network ensuring safe and reliable customer delivery, making it easy and cost efficient for consumers to adapt to green hydrogen.
Jonas Meyer, CEO in Gen2 Energy, said:
“We are pleased to sign the agreement with UAC. Transport of hydrogen is a challenging part of the value chain. Together, Gen2 Energy and UAC aim to develop the preferred solution for customers in Europe. We believe the containers from UAC offer a great solution which is easy to adapt for customers and with uncompromising quality”.
As part of the agreement, UAC shall deliver containers that are approved and fully suitable for marine transport of hydrogen according to The International Maritime Dangerous Goods (IMDG) Code.
The contract includes a base order of 50 containers subject to Final Investment Decision (FID) for Gen2 Energy’s production facility and a Type Approved Container from UAC, and additional options ranging from 300 containers and upwards.
Gen2 Energy will partially finance the development phase, and has acquired a minority shareholding in UAC.