Statkraft has decided to stop new development of green hydrogen due to increased uncertainty in the market.
Parts of the portfolio will be further matured before seeking investors to realise the projects.
Statkraft has built expertise and advanced a portfolio of green hydrogen projects across various European markets, including Norway, Sweden, the UK, Germany, the Netherlands, and Italy.
Several projects have received substantial external funding opportunities, and the company is working with authorities to ensure their progression.
Statkraft chief executive Birgitte Ringstad Vartdal (pictured) said: “After reducing the ambition level on green hydrogen development last year, we are experiencing even more uncertainty in the market.
“Therefore, Statkraft has decided to stop new development of green hydrogen and going forward we will prioritise growth opportunities in other technologies, and market operations.”
Statkraft says it continues to believe in the long-term future of green hydrogen and its importance in reducing emissions from carbon-intensive industries.
Market activities related to hydrogen will continue to be part of Statkraft’s portfolio, the company added.