Marquard & Bahls has acquired a minority stake in Nordic Blue Crude, a Norwegian pioneer in the power-to-liquid sector.
The investment is an important step for Marquard & Bahls to expand its existing portfolio towards renewable energies. The company is actively exploring investment opportunities in the renewable energy sector as a result of the rapidly changing energy landscape. It intends to become an active participant in the energy transition. As a first step in the renewable transport fuels, the company is now investing in Nordic Blue Crude.
The Norwegian company is on its way to establish the first publicly known power-to-liquid project on an industrial scale. It will provide crude with first mover advantages and will enable it for further expansion. The company is engineering its first E-Fuel 1 plant in Herøya with a production capacity of 10 million litres of synthetic hydrocarbons per year, using renewable electricity, water and CO2 as feedstocks. It is expected to reach full production capacity in 2022, with room for expansion to a further 100 million litres. After the refining step, the product mix will consist of kerosene, diesel, wax and naphtha.
Marquard & Bahls CEO Mark Garrett says: ‘As part of our strategy, we intend to further diversify our portfolio and increase our commitment to renewable energies, among other things. Our investment in Nordic Blue Crude is an important first step in this direction. The project is the first of its kind for us, but others will follow if the right opportunities arise.’