GAC Norway joins Hyvalue initiative
GAC Norway has signed up to play a vital role in a major Norwegian hydrogen energy project as part of the GAC Group’s commitment to sustainability and accelerating decarbonisation across the wider maritime industry, according to the company's release.
The HyValue initiative will look to develop knowledge, methodology and innovative solutions for the production of hydrogen energy carriers in a bid to further Norway’s transition to a low emission society. The project is being led by NORCE, one of Norway’s largest independent research institutes, and will receive funding of NOK15 million per year until 2030 from the Norwegian government’s Ministry of Petroleum and Energy.
GAC Norway will leverage the wider GAC Group’s experience and expertise of low carbon and sustainable bunker fuels to support the HyValue initiative for the development of strategies for the storage, handling and bunkering of hydrogen in maritime applications. It will also assist with the development of maritime logistics and supply chain mechanisms, as well as understanding regulations and financial incentives to promote the advantages of hydrogen as an alternative fuel source for shipping.
Hydrogen provides a greener alternative to traditional bunker fuels as it can be produced renewably from electrical energy and bio-renewable processes, is carbon and sulphur free and will disperse organically in the event of a leak. Hydrogen-powered ferries and smaller shipping vessels are currently in use in Europe and North America, and several major oil and gas players are investing in hydrogen production projects in Europe and Asia. However, there is still a need to develop large-scale storage and handling facilities for hydrogen as it must be compressed into a liquid and kept under high pressure for use as a fuel.
The Group’s global network combined with GAC Bunker Fuels’ strong relationships with fuel suppliers and ports, means the company is ideally placed to play a leading role in the supply of alternative and sustainable fuels, including hydrogen, as they become more widely available.
GAC Norway’s partnership with HyValue is the latest step in the wider GAC Group’s sustainability strategy, which includes a commitment to UN Sustainable Development Goals and a net carbon zero future.
GAC is a global provider of integrated shipping, logistics and marine services. Emphasising world-class performance, a long-term approach, innovation, ethics and a strong human touch, GAC delivers a flexible and value-adding portfolio to help customers achieve their strategic goals. Established since 1956, the privately-owned group employs around 8,000 people in more than 300 offices worldwide.
