The parties agree that Gen2 Energy can secure, on a long-term basis, the industrial site Lundevågen Havneområde in Farsund to build a production facility for green H₂, as well as gain access to quay facilities for the transport of green H₂ to relevant markets in Europe and Norway. Gen2 Energy plans to build a plant that ensures large-volume production of green H₂.

Jan Fredrik Råknes, Head of Business Development in Gen2 Energy said, “We are very happy to have chosen Farsund as the location for large-scale production of green H₂. Farsund has a good mix of low-cost renewable energy, access to land for industrial purposes with good shipping possibilities and will be an important addition to our portfolio of production sites for green H₂ along the Norwegian coast.”

Ingrid Williamsen, mayor of Farsund municipality said, “Today I signed an option agreement between Gen2 Energy and Farsund Municipality. It will be exciting to follow the process going forward. Looking forward to the collaboration.”

The agreement gives Gen2 Energy the opportunity to build a production plant on the industrial area Lundevågen (60+ acres). The area must be prepared and regulated for H₂ production and this work starts at the first opportunity. Gen2 Energy is currently conducting a concept study related to the H₂ plant in Farsund in order to clarify important matters such as the size of the plant and the form of production.

An important part of the agreement is that Gen2 Energy gets access to quay facilities that make it possible to export large quantities of green H₂ to Europe.