A joint hydrogen (H2) venture between three of the sector’s leading players has now been finalised.

The entity, formed of Norway-based Nel ASA, Hexagon Composites ASA and PowerCell Sweden AB, will be equally owned and will focus on the development of integrated H2 projects.

Nel CEO Jon André Løkke said that the joint entity had already received “numerous requests” for projects since the companies announced their intentions to join forces under a Letter of Intent (LoI) in January this year.

Jon Erik Engeset, President and CEO of Hexagon Composites, echoed, “Since we announced the intention to join forces, we have received numerous requests ranging from governmental organisations to maritime transportation. The collaboration with these strong market leaders is a logical step in shaping the emerging market for zero-emission power solutions.”

The entity will create a one-stop-shop for customers using H2 technologies across the value chain; from renewable H2 production to storage, distribution and dispensing, as well as generating electricity via fuel cells.

The parties intend to stimulate and develop projects to fully utilise each company’s respective technologies and competencies to manage and develop H2 projects.

The equally owned joint venture will initially focus on opportunities in the maritime and marine segments as well as projects to capture stranded renewable energy. It is understood that the joint-owned company will be set up as soon as practically possible.