The Narvik region will act as a hub for developing value chains based on hydrogen and renewable energy capabilities.
Aker and Aker Horizons are working with the municipality of Narvik in Northern Norway to establish a green industrial development.
The partnership began with a Nkr290 million (€30 million) agreement for the acquisition of properties and assets to enable Aker Horizons and its portfolio companies to develop value chains based on hydrogen and renewable energy capabilities, with the potential to expand into new segments such as battery production and green steel.
“We are pleased to share our ambitions for a green industrial centre in Narvik, as well as our investments.”
“As Aker Horizons’ hub for activities in Northern Norway, the region offers several benefits, including access to some of Europe’s lowest-cost renewable energy, excellent transportation connections for export, including road, rail, and port facilities, and local communities committed to the energy transition,” said Kristian Rokke, CEO of Aker Horizons.
Aker Narvik, a wholly-owned subsidiary of Aker Horizons, will buy two sites in Ballangsleira and Framneslia for a total of Nkr200 million under the terms of the deal.
Aker Narvik will also invest Nkr90 million in Narvik Batteri, a business planning to expand the Hergot site in Narvik for battery manufacture, through a private placement.
The next stage will be to continue to plan and develop the various locations, as well as to mature the particular projects in collaboration with commercial partners and authorities, in order to make investment choices in 2022.
Narvik is a regional transportation center more than 200 kilometers north of the Arctic Circle, with train links to Sweden and Oslo, as well as the E6 and E10 highways and an ice-free port all year.