General – Hydrogen
During the presentation of Ørsted’s first half-year figures for 2024, Mads Nipper, Group President and CEO of Ørsted, reports that the hydrogen-based e-fuels project in Sweden will be (temporarily) stopped.
He also indicates that they are continuing development efforts in the field of renewable hydrogen.
“The liquid e-fuel market in Europe is developing more slowly than expected and we have made the strategic decision to de-prioritize our efforts within the market and discontinue the development of FlagshipONE. We will continue our focus and development efforts in renewable hydrogen, which is essential for the decarbonization of key industries in Europe and closer to our core activities.”
Two years ago, Ørsted made a final investment decision (FID) for FlagshipONE project . The Swedish project is expected to start next year and produce 55,000 tonnes of e-methanol for shipping annually by combining renewable hydrogen with captured carbon dioxide (CO 2 ).
High prices and a lack of offtake have led Ørsted to decide to shut down its FlagshipONE project. As a result, an impairment of more than 200 million euros has been included in the financial figures.
