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Making Green Happen
Greenstat is connecting industry, knowledge and politics, opening new, green market segments in Norway and abroad
Surplus and trapped renewable energy is stored, distributed and made accessible to growing zero emission markets
Oil production peaked in 2001
1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030
Million barrels per day3,4
3,0
2,6
2,2
1,8
1,4
1,0
0,6
0,2
Source: Fractionflow.com
Norway in a unique position
⁃ 97 % renewable electricity production
⁃ >60 % overall renewable energy usage with a growing commitment to become 100 % fossil free
⁃ Surplus of renewable energy, annually ~20 TWh
⁃ Skilled resources laid off in the oil and gas industry
⁃ Limited grid capacity for export
⁃ Political will to support energy intensive industries
Final energy consumption (2014) - 227 TWh (Terawatt Hours)
Oil
CoalNatural Gas
Biofuel
Electricity
Heat
GREENSTAT AS(2015)
Greensight AS(2016)
Green Hydrogen AS
(2017)
«Local Energy AS»
(planned 2017)
Investments: - Glomfjord Hydrogen AS
(2016)
Company structure
Green Insight / Greensight AS
- Knowledge based
- Zero emission framing
- Based on publicly available data sources
- IEA
- NVE
- SSB
- Dynamic scenario modelling
- Frequent updates based on technology development and political changes
Understanding the historic and present energy situation
Ref: http://www.iea.org/sankey
Oil & Gas
Export
Hydropower
Industry
Private householdsPower Grid
Transport
Preparing for the future energy mix
Oil & Gas Export
Hydropower
Transport
Private households
Wind
Solar
ExportHydrogen
Power Grid
Industry
Local Energy
More complex local energy systems
Socket parity vs. Grid Parity- Today
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Centralized Local Local with storage
Power Grid Storage
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Historical investments Future investments
MNOK
Hydrogen
National budget highlights related to hydrogen (october 2016)
⁃Incentives for H2 cars confirmed until 50 000 cars or until 2025
⁃H2 ferry to be built by 2021
⁃Electrical tax avoided on hydrogen production for transport
⁃ENOVA (funding scheme) to support hydrogen infrastructure roll out
Hydrogen production
Industry
Transport Land
Transport Sea
Export
SolarOcean Power
Hydro (small)Wind
Hydropower
Offshore Wind
Green Hydrogen value chain- From renewable energy to end consumer
Hydrogen for industrial use - TiZir
- TiZir titanium to replace coal with hydrogen at their facility in Tyssedal
⁃ 90 % reduction in CO2 emissions in the production
⁃ Further CO2 emission reduction by using Green Hydrogen compared to fossil H2 production
⁃ 121 000 tons CO2 saved yearly
⁃ First step: demonstration plant for hydrogen (2017-2019)
⁃ with Enova support (NOK 122 million)
⁃ Second step: full-scale pilot (2020)⁃ Up to 30 tons of hydrogen per day needed
High political focus due to major CO2 reduction
Hydrogen for industrial use - TiZir
⁃Break-even price⁃ 22 NOK/kg H2
⁃Life span⁃ 30 years
⁃Yearly revenues⁃ 250 MNOK
⁃Investment costs⁃ 550 MNOK-600 MNOK
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Accumulated revenue Investment
Maintenance needed every 8-10 years
MNOK
Hydrogen for industrial use - TiZir
Production machinery
77 %
Start up commissioning
7 %
Building12 %
Power cables2 %
Projecting2 %
Investment costs
Maintanence production machinery
2 %
Labour costs2 %
Buffer OPEX1 %
Maintanence building
1 %
Grid rent3 %
Power91 %
Other OPEX6 %
Operational costs
Hydrogen for industrial use - Mongstad
⁃ Hydrogen to be used for oil refining
⁃ Equivalent in size to the TiZir project ~30 Ton H2 per day.
⁃ Hydrogen to be supplied “over the fence”.
⁃ H2 factory built according to industry standard to reduce cost.
Political drive to initiate the project
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Maintenance needed every 8-10 years
MNOK
Demand 1,3 Tons H2 per hour 24/7
~20-25 NOK per kg H2 (competitive to steam reformed hydrogen)
0,20-0,30 NOK/KWh + net tariff
Max capacity 83 MW Normal load 80%, 66 MW
Hydrogen production facilityGrid power97% renewable
Mongstad Project summary
Hydrogen production plant - Glomfjord
- Former industrial buildings (REC) to be reused for hydrogen production
- Historical hydrogen production in the same area, 135 MW electrolysers (NEL)
- Local and national funding for job creation
- Potential for up to 8 ton daily production
- Starting with one electrolyser august 2017
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Accumulated revenue Investment
MNOK
Surplus region, ~7 TWh
Maintenance needed every 8-10 years
Hydrogen ships under development
⁃Strong political drive to decarbonize the maritime sector⁃ Ferries⁃ Fast going vessels⁃ Cruise⁃ Offshore vessels⁃ Yatch
⁃First electric ferry “Ampere” already in operation
⁃Two more electric ferries under construction
⁃First hydrogen ferry planned in 2020
Ferry projects
⁃ Average need of 1000 kg H2 per day, per ferry
⁃ Typically 2-3 ferries
⁃ Total of 54 ferries connected to the national road system + regional connections
⁃ Contracts, 8-14 years
⁃ Zero Emission solutions preferred
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MNOK
Large number of tenders in the pipeline
Maintenance needed every 8-10 years
Hydrogen Viking
Sunseeker predator 95
Goals:
⁃45 knots June 2018
⁃Hybrid fuel cell/ battery
⁃Zero emission
Renewable hydrogen export (Norway/ Iceland)Norway - Hydropower
Iceland – Geothermal energy
LH2 carrier Export markets – Japan, US, Europe
Export projects
⁃ Transported by ship
⁃ Liquefied Hydrogen LH2
⁃ ~11 000 tons of hydrogen per ship
⁃ Could go through the North/East route when ice free
⁃ Research projects initiated
⁃ Ministry of Trade, Industry and Fisheries involved
-2000
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MNOK
Japan’s H2 strategy assumes 40 % hydrogen by 2050 in total energy mix
Hydrogen stations being built
Making Green ROI Happen
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Knowledge Energy Technology End market End to end services
Financial Model
Knowledge
⁃Long term, diversified portfolio
⁃Steady growth
⁃5-15% annual ROI
Investment model – co invest with the people of Norway
Greenstat AS
(later ASA)
GreensigthAS
Greenstat Hydrogen AS
GreenstatProjectCo 3
GreenstatProjectCo 4
GreenstatProjctCo nn
• National investors• The Norwegian people• Foreign investors• Government
• Local investors • City councils• Local community
Preferred ownership structure – Top company
⁃Diversified ownership
⁃No controlling owners
⁃Maximum ownership 20 %
⁃Desired investor groups⁃ Private investors (small)⁃ Private investors (big)⁃ Investments funds⁃ Greenfund AS (Norwegian governmental fund to be
established with a capital base of 20 Billion NOK)⁃ International investors⁃ Employees
Private (small)
Private (big)
Funds
Greenfund AS
International
Employees
Ownership structure - Project company
Example, Glomfjord Hydrogen AS
⁃Founded June 2016
⁃Ownership⁃ Meløy Næringsutvikling (local funding)
⁃ Meløy Energi (local utility)
⁃ NEL Hydrogen (technology partner)
⁃ Greenstat (hydrogen production)
⁃Expected investments 90 MNOK
⁃Expected yearly income ~20 MNOK
Meløy Næring
14 %
Meløy Energi28 %
NEL Hydrog
en29 %
Greenstat
29 %
Agreements made with key customers and industrial partners
⁃ Letter of intent, Hydrogen production, TiZir and regional utility
⁃ Partnership Agreement, Electrolyser technology, NEL Hydrogen
⁃ LOI to be signed for H2 ship, Vision of the fjords (Ship of the year 2016), Fjord1 and Brødrene AA
⁃ Ongoing studies with regional partners: ⁃ Lindås⁃ Høyanger⁃ Glomfjord⁃ Hardanger⁃ ++
⁃ Close dialogue with utility companies: ⁃ BKK⁃ SKL⁃ Lyse⁃ Varanger kraft⁃ Statkraft⁃ ++
⁃ More co-investments, partnership agreements and commercial agreements are in progress
Key peopleVegard Frihammer
Green Executive Officer
@frihammer
Founder, engineer, green entrepreneur
- MEB, UWA, Perth, Australia
- MEE, Curtin, Perth, Australia
- Bachelor Automation, HIB, Bergen
- Background from oil & gas and maritime sector
- More than ten years experience from the renewable sector
- Six years at Christian Michelsen Research. Last position, Head of Renewable Energy
- Strong political and industrial network
Bernt Skeie
Chairman of the board
@bernt_skeie
Co founder, economist, substantial network
- Executive MBA, NHH, Bergen
- BSc. Business, NHH, Bergen
- Background from oil & gas sector
- Proven track record when it comes to technology and business development
- CEO at CMR Prototech
- Multiple board positions
- Active involvement in Greenstat
Resources Key Partners
Tomas Fiksdal
Project Manager Hydrogen
Kristian R. Fauske
Financial analyst
Hilde Holdhus
Manager/ Energy Forecaster
Tore Solheimslid
Energy analyst/ hydrogen
Knowledge
⁃ University of Bergen
⁃ NHH
⁃ Christian Michelsen Research
⁃ HIB
Network
⁃ NCE Maritime Cleantech (Cluster)
⁃ Bergen Chamber of Commerce
⁃ Climate partners Hordaland (network)
⁃ ByNature
Industry
⁃ Hellenes
⁃ Sunnhordland Kraftlag
⁃ Bergen Technology Transfer
⁃ Trond Mohn
Making Green Happen
