Statkraft cites increasing market uncertainty and currently limited prospects for profitability as the reasons for this decision. Similar announcements have previously been made by Shell, Equinor, and BP.
„After having already scaled back our ambitions for green hydrogen development last year, we are now seeing greater uncertainty in market ramp-up and further delays in profitability expectations. Therefore, Statkraft has decided to stop the development of new green hydrogen projects," said Statkraft CEO Birgitte Ringstad Vartdal in a company statement.
However, several existing projects in Europe are to be further developed before investors are sought for implementation. This applies in particular to projects that have already received substantial public funding commitments. Statkraft intends to work closely with the relevant authorities to ensure the continuation of these projects.
Among the affected projects are two initiatives at the Emden site in Germany. There, Statkraft is developing a 10 MW pilot electrolyzer and a 200 MW electrolyzer with an integrated heat pump. The company has already secured €107 million in EU funding for the large-scale project. The continuation of these projects by external investors is now under review.
Despite withdrawing from project development, Statkraft remains convinced that green hydrogen has long-term potential—especially for reducing emissions in energy-intensive industries. Hydrogen-related wholesale activities will therefore remain part of the company's portfolio.
According to its own statements, Statkraft is Europe's largest producer of renewable energy and has built up expertise in green hydrogen across several European markets in recent years, including Norway, Sweden, the United Kingdom, Germany, the Netherlands, and Italy.
