REYKJAVÍK, Iceland – (COMMERCIAL THREAD) – Landsvirkjun, the National Power Company of Iceland and the Port of Rotterdam have completed a pre-feasibility study on the export of green hydrogen from Iceland to Rotterdam. The results indicate that such a project could be technically feasible, financially attractive and would make a significant contribution to the fight against climate change as economies around the world shift from fossil fuels to renewables in the coming decades.

The two companies worked together to map key components of the renewable electricity generation and hydrogen production value chain in Iceland and then ship it to the port of Rotterdam. A comparison was made of possible hydrogen carriers taking into account energy density, costs, demand and other attributes.

The study shows that the first of these projects could be carried out in the second half of this decade and represent between 2 and 4 TWh (some 200 to 500 MW). These initial steps can contribute up to 1 million tonnes of CO2 reduction per year while in the longer term the potential could be a reduction of millions of tonnes. The energy needed could be a combination of renewable energy production, including hydroelectricity, geothermal energy and wind power. The availability of various sources of sustainable energy is a great advantage for Iceland and leads to a competitive price for Icelandic hydrogen in the European market. The hydrogen would be produced by electrolysis and then either liquefied or converted into a vector for transport to Rotterdam where it would be recovered for use at the port or in the hinterland.

Landsvirkjun’s vision is a sustainable world powered by renewable energy. The company already has a significant role in reducing CO2 emissions and intends to play a significant role in the energy revolution that must occur in the years and decades to come.

The port of Rotterdam is the largest port and energy center in Europe and has developed an ambitious master plan for hydrogen, with which it aims to become the main center for importing hydrogen to supply the evolving energy withdrawals in Europe. At the request of the Dutch government, the Rotterdam Port Authority identified high potential hydrogen exporting countries and companies to meet future demand from Europe, of which Iceland was one of the main candidates. .

Landsvirkjun and the Port of Rotterdam intend to continue to work closely together to explore and develop this unique opportunity and plan to develop these plans in the second half of 2022.

Hordur Arnarson, CEO of Landsvirkjun:

“The results of the pre-feasibility study are very encouraging. At Landsvirkjun, we are determined to continue to lead the way in renewable energy. It is the path to a better future for all. We believe in our partnership with the Port of Rotterdam and look forward to finding the best way to get our clean energy to overseas markets.

Allard Castelein, CEO of the Rotterdam Port Authority:

“We are very excited about the results of the study as well as the good chemistry between our two companies, which is essential to develop such impactful new supply chains. Iceland has always been a pioneer in the production of renewable energy. This new green energy for Europe, distributed via the Rotterdam terminals and the hydrogen backbone, could further contribute to decarbonizing our industrial complex and our customers elsewhere in Europe.

About Landsvirkjun

Landsvirkjun is Iceland’s largest energy company and produces electricity solely from renewable energy resources; hydroelectric, geothermal and wind power. The company offers long-term agreements at competitive prices. Visit www.landsvirkjun.com to learn more.

About the Rotterdam Port Authority

The objective of the Rotterdam Port Authority is to strengthen the competitive position of the Port of Rotterdam as a world-class logistics hub and industrial complex in terms of size and quality. The Port Authority is able and willing to have an impact and therefore focuses on accelerating sustainability in the port and is a partner in the digitization of the port and supply chains.