To complement its core business, the Nordex Group has begun early initiatives in the green hydrogen market. The Group has recently entered into two strategic joint ventures: one for developing large green hydrogen assets the second for the manufacturing of electrolysers.
The joint venture with Acciona, Nordex H2, will develop green hydrogen projects in areas with abundant onshore wind resources. These resources are located in areas that are not connected to conventional power grids, and where green hydrogen can also be produced at a competitive cost. Acciona has bought a 50 percent stake in this new Nordex Group venture for EUR 68 million to fund the further development and expansion of the business. With a target renewable energy development pipeline of 50GW, the joint venture's goal is to develop projects that will produce 0.5 million tons of green hydrogen annually within the next ten years. The first projects would be ready-to-build by 2027. Each of the projects, whose minimum size will be 1 GW of installed renewable power, will be deployed through strategic agreements with other public and private companies and institutions interested in the production or mass consumption of green hydrogen.
The second initiative, "Nordex Electrolyzers", aims to develop, manufacture and market electrolyzers using proprietary technology. Both the Nordex Group and Sodena, a public company of the Government of Navarra, will allocate EUR 15 million to this initiative over the next five years to promote the development of a commercial prototype and its first industrial deployment.
