Marquard & Bahls and Nordic Blue Crude have entered into an agreement, through which Marquard & Bahls shall increase its shareholding in the Norwegian company and will commit to equity financing when the first plant (E-Fuel 1) reaches final investment decision. As a result, Marquard & Bahls is consolidating its position as a lead investor taking an active role in the company's long-term development.
Nordic Blue Crude is a pioneer in the Power-to-Liquid (PTL) sector. The value proposition of Nordic Blue Crude is to combine green hydrogen produced with Norway's renewable hydropower and CO2 from point source emissions (waste burning plants, biofuel plants, and other industrial processes with unavoidable emissions). This will enable the company to offer carbon-neutral liquified electricity at competitive prices.
Nordic Blue Crude will build the first E-Fuel plant at Herøya industrial park in Porsgrunn, 150 km southwest of Oslo. The design capacity is 10 million liters of carbon-neutral fuels and waxes. The following E-Fuel plants will have a capacity of 200 million liters each.
Mark Garrett, CEO of Marquard & Bahls, says: "By increasing our participation in Nordic Blue Crude, Marquard & Bahls takes an important step on the company's commitment towards a greener future for fuels. Nordic Blue Crude team is showing us their ability to bring this project into life, and I am confident about our positive contribution to the success of the business."
Gunnar Holen, CEO of Nordic Blue Crude, says: "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 finalizing the construction of the world's first commercial Power-to-Liquid plant at Herøya, Norway."
Marquard & Bahls AG is an agile, independent holding company in the energy & chemical sector. Its core lines of business include tank storage logistics, trading, and aviation fuelling. Marquard & Bahls has a presence in 33 countries in Europe, America, Asia, Africa and Australia and employs around 6,700 people through its subsidiaries.
Senior Vice President of Group Portfolio Development
Marquard & Bahls AG
Tel. +49 40 37004-0