- Equinor ASA (NYSE:EQNR) has partnered with the German energy company RWE AG (OTC:RWEOY) to jointly develop large-scale value chains for low carbon hydrogen.
- The partners aim to replace coal fired power plants with hydrogen-ready gas fired power plants in Germany.
- They will also build production of low carbon and renewable hydrogen in Norway to be exported to Germany through pipelines.
- The construction of new gas power plants (CCGTs) will contribute to Germany’s phase-out roadmap for coal.
- Equinor and RWE will jointly own the CCGTs, which initially will be fueled with natural gas and then gradually use hydrogen as fuel.
- The parties will jointly develop offshore wind farms that will enable production of renewable hydrogen as fuel for power and other industrial customers in the future.
- “Through this collaboration we will strengthen the long-term energy security for Europe’s leading industrial country while at the same time offer a viable route to a necessary energy transition for hard to abate industries,” said Equinor CEO Anders Opedal.
- Price Action: EQNR shares are trading lower by 0.31% at $31.76 in premarket on the last check Thursday.
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