Gen2 Energy is a Norwegian developer formed in 2019 that aims to manufacture green hydrogen at scale by connecting electrolysers to abundant, low‑cost renewable power in the region. The company emphasises hydroelectric power in Norway, which it says offers very high uptimes versus wind and solar, allowing electrolysers to operate virtually 24/7 and lower unit hydrogen costs. Gen2 plans to convert that electricity to green hydrogen and ship it to industrial customers as a regional supplier of low‑cost clean fuel and feedstock. It has a pipeline of projects totalling an estimated 700MW in Norway that could commence production in 2024–2026. Gen2 has existing industrial backers including Vitol, Höegh LNG and the Knutsen Group, and in January signed an MoU with TECO 2030 ASA to cooperate on projects needing hydrogen for fuel cells. The company’s stated ambition is to leverage local renewable surplus to deliver low capex and opex hydrogen projects.

Total raised

$4M

Funding rounds

1

Latest round

Equity

Latest activity

Mar 2022