German independent energy holdings company Marquard & Bahls is to increase its shareholding in Norwegian power-to-liquid pioneer Nordic Blue Crude.
The Norwegian company’s process combines hydrogen produced from renewable resources and captured CO2 from industrial processes with unavoidable emissions, waste burning plants and biofuel plants, to produce carbon neutral liquid fuels and waxes at competitive prices. Its first plant, E-Fuel 1, will be built at Herøya industrial park in Porsgrunn, Norway, and will have a design capacity of 10 million L. Future plants will have a capacity of 200 million L.
Marquard & Bahls, a lead investor in Nordic Blue Crude, has committed to equity financing when E-Fuel 1, reaches final investment decision. CEO Mark Garrett says that by increasing participation in Nordic Blue Crude, his company takes an ‘important step’ in its commitment to green fuels.
‘Nordic Blue Crude sees Marquard & Bahls as one of the early movers in the quest for renewable fuels, and consequently, we are delighted to have them on board as a partner and significant shareholder. With Marquard & Bahls’ contribution, Nordic Blue Crude progresses rapidly towards finalising the construction of the world’s first commercial power-to-liquid plant at Herøya, Norway,’ says Gunnar Holen, CEO of Nordic Blue Crude.