px Group has developed a partnership with Hydrogen Solutions (HYDS). The collaboration between the two leading players within the renewable technologies and solutions market will aim to speed up the energy transition to a low-carbon future.
“There is an imminent need for an integrated engineering and operating provider specialising in hydrogen and hydrogen derivatives, specifically in the Nordic region. We are now looking forward to taking on this role together with HYDS whilst also exploring further decarbonisation partnerships and development opportunities throughout the region,”
Geoff Holmes, CEO of px Group.
The partnership will accelerate the development of low-carbon, renewable fuels and power. The Nordic region will be the initial focus with future expansion planned throughout Europe and beyond.
“We have already cooperated for more than a year, during which we have noticed a set of common values, especially the joint focus on safety. Through our experience from developing, building and operating hydrogen production plants we foresee the need to secure capacity to handle balance of plant of our own projects. Additionally we realise the significance of this and the potential that gives us to develop, build and operate also for others, both within our countries and internationally”,
Thor-Henrik W. Hagen, CEO of HYDS.
“Our shared values of safety, putting talented people at the heart of our operations, and commitment to decarbonisation make the relationship between HYDS and px Group an exciting one.”
Raymond Smebye, Business Development Director Scandinavia at px Group.
As well as being responsible for multiple strategic and critical energy and infrastructure assets in the UK, px Group is already operating in Norway and is developing activities elsewhere in Europe, including Netherlands, Germany, and Nordics. HYDS operates Stord Hydrogen and Kaupanes Hydrogen, both in Norway.
Today’s announcement is the second strategic development in the hydrogen space in as many months for px Group. In April, px Group acquired a majority stake in Lifte H2, the German hydrogen engineering solutions business. HYDS is already in the process of developing several new projects. Through this partnership the parties will draw on their common strengths when they optimize the plant designs HYDS will use going forward and prepare for operation of larger hydrogen production plants. HYDS has several projects where this standard design will be put to use, where several of them are already in the feasibility stage. Concrete agreements and announcements will be announced shortly and the first FIDs are expected in the first half of 2025.
px Group is backed by private equity firm Ara Partners. HYDS is backed by Dalane Energi AS, Sunnhordland Kraftlag AS and several private investors.
