HS Orka and Hydrogen Ventures Limited (H2V) unveiled plans to develop a production plant for green methanol using green hydrogen to power the marine sector, as well as domestic and commercial vehicles such as cars, vans and lorries.

More than 80% of Iceland’s energy consumption is already based on renewables – primarily geothermal and hydro power – but the development of green hydrogen projects will mean the country can truly claim to be world leaders in the field of renewable and clean energy.

HS Orka/H2V’s projects will focus on using geothermal energy to produce green hydrogen, which will then be used in the production of synthetic fuels. All the hydrogen created and used will be certified ‘green hydrogen’ meaning that 100% of the energy used to generate it comes from renewable sources.

This project will comprise two phases, with an initial 30-MW input, followed by a second phase of a much larger scale for the production of green hydrogen. The total cost of Phase One is anticipated to be €100 MM.