OX2 and Ålandsbanken Fondbolag, the Bank of Åland's fund management subsidiary, have teamed up to conduct a 12-month-long feasibility study on setting up a green hydrogen production facility on the Åland Islands.
The parties - supported by Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, EuroMekanik, and several other consultancies - will look into the practical, technical, and financial conditions for setting up the 3,000MW electrolyser facility.
The inquiry will also see what business opportunities the investment will open: directly on the Åland Islands and beyond, as OX2 develops various projects in the north-to-south Baltic, including offshore wind energy farms (between Finland and Sweden), energy storage sites (in Poland), or a hydrogen pipeline (from the Nordics to southern Baltic, with potential branch pipes to Bornholm or Gotland).
Apart from providing clean marine fuel, the facility could also cater to the needs of the agricultural and manufacturing industries.
OX2 and Ålandsbanken Fondbolag are already working together: on the Noatum South and North offshore wind energy farms (3,000MW and 5,000MW capacity, respectively).
Most recently, OX2 has initiated the development of the 1,400MW offshore wind farm Tyrsky in the Gulf of Bothnia (about 30 km northwest of Kaskinen).
"Creating a Mega Green Port will bolster the Åland economy in many different ways. In addition to being an important part of the offshore wind power projects, it will generate jobs and produce e-fuel for the shipping industry - making Åland attractive for the establishment of large new businesses and enabling many new innovative projects in oxygenation of water and utilisation of excess heat in various manufacturing activities. The port will strengthen Åland's potential to become the leading green hub in the Nordic region," Anders Wiklund, OX2's Country Manager Åland, said.
Peter Wiklöf, Manager Director and Chief Executive of the Bank of Åland, commented, "The purpose of our planned wind power projects is green energy transition and enabling the general public to participate via our fund structure - but perhaps, above all, to create a new growth engine for the Åland business sector. The feasibility study for Långnäs as a Mega Green Port is an important step in understanding how Långnäs can play a key role in the future of the Åland business community, especially with reference to the growth of existing Åland companies and the establishment of new business operations."
Johan Byskov Svendsen, Programme Manager at the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, highlighted, "We are very much looking forward to being involved in this feasibility study, the vision for Åland and the role that Långnäs can play for shipping. The global shipping industry is clamouring for green e-fuel on a large scale, which makes the timing of this feasibility study perfect. It needs to get started as soon as possible."
Photo: OX2