Gen2 Energy

What Gen2 Energy does

Gen2 Energy AS is a Norwegian green hydrogen project developer founded in 2019, headquartered in Borre/Horten with corporate offices in Åsgårdstrand and Oslo and production project sites along the Norwegian coast. The company is building an integrated value chain for industrial-scale production, liquefaction, containerisation, and seaborne distribution of green hydrogen, targeting maritime operators, steel and process industries, sustainable aviation fuel producers, and European energy traders. Core technology centres on electrolysis powered by Norway's near-100% hydropower base — which exempts its output from the EU additionality principle and secures RFNBO compliance — combined with industrial-scale hydrogen liquefaction facilities and proprietary containerised compressed hydrogen transport systems (1-tonne, 500-bar containers) and custom hydrogen carrier vessel designs.

The company's business model is project-development driven and pre-revenue: it secures land leases, grid capacity reservations, regulatory permits, and grant funding to develop production sites, then enters into long-term offtake agreements with industrial off-takers. Commercial relationships to date consist of MoUs and Transaction Term Sheets with LH2 Shipping (maritime bunkering), SEFE/WINGAS (Germany distribution), Tata Steel Netherlands (steel decarbonisation), MB Energy (German offtake), and Norsk e-Fuel (SAF feedstock). The project portfolio totals approximately 995 MW across four sites — Nesbruket (195 MW), Holandsvika (500 MW), Monstad (150 MW), and Farsund (150 MW) — with first production at Nesbruket targeted for 2028. Capital sources include a NOK 150 million share offering (March 2022), Norwegian public grants (Innovation Norway, Enova, SkatteFUNN, Green Platform Initiative, regional research funds), a €62 million EU Innovation Fund award (May 2026), and private equity from HYCAP Group and Piney Point, with a minority strategic stake held by Höegh LNG. The company was selected for the EU Innovation Fund 2025 Hydrogen Auction on the basis of price and technical maturity.

Name

Gen2 Energy

Legal name

Gen2 Energy AS

Website

https://gen2energy.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Gen2 Energy is a Norwegian green hydrogen developer building industrial-scale liquefied and compressed hydrogen facilities powered by hydropower, targeting maritime, industrial, steel, and aviation customers across Northern Europe with a 995 MW project portfolio and first production targeted for 2028.

Ownership category

akta.pro rank

Product category

Green Hydrogen Production and Supply

NAICS

Electric Power Generation (22111), Other Electric Power Generation (221118)

SIC

Engines & Turbines (3510), Motors & Generators (3621), Water Transportation (4400)

akta.pro primary industry

Hydrogen (Industrial & Mobility) (IMAEACAB)

akta.pro secondary industries

Hydrogen Distribution Pipelines (Local/Regional Networks) (TLAGAGAB), Fuel Cell (Hydrogen) Bus Manufacturing (IMACADAF), Hydrogen Pipeline Construction, Conversion & Rehabilitation (Repurposing NG Pipelines) (TLAGAGAI), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)

Keywords

• Green hydrogen production
• Hydrogen supply chain
• Liquefied hydrogen logistics
• Industrial hydrogen supply
• Renewable energy infrastructure

Headquarters

HQ city

Horten

HQ country

Norway

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Liquefied Green Hydrogen Sales: Gen2 Energy produces liquefied green hydrogen at its Norwegian production facilities (Nesbruket, Monstad, Holandsvika, Farsund) and sells it directly to maritime customers and industrial off-takers under long-term offtake agreements. Revenue is generated through the sale of LH2, with the company holding €62M Innovation Fund award to close the cost gap versus conventional marine fuels.
2. Compressed Green Hydrogen Container Sales: Sale of containerised compressed green hydrogen shipped via dedicated vessels to customers in Germany, Netherlands, and UK. Hydrogen is delivered in specially designed 40-foot containers and transported by ship from Norwegian production sites to European ports. Long-term Sales and Purchasing Agreements underpin recurring revenue streams.
3. Over-the-Fence Hydrogen Supply (Norsk e-Fuel): Direct supply of green hydrogen as feedstock to neighbouring Norsk e-Fuel facility at Nesbruket for sustainable aviation fuel (e-Fuel) production. Short-distance pipeline/over-the-fence supply of hydrogen feedstock, generating recurring revenue from industrial customer within same industrial site.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Gen2 Energy creates, runs, and manages an integrated green hydrogen supply chain. It produces liquefied and containerised compressed green hydrogen from hydropower-powered electrolysis at four Norwegian coastal sites and sells it via long-term offtake agreements to maritime operators, steel manufacturers and energy companies across Northern Europe. The offering combines industrial-scale hydrogen production, proprietary containerised logistics, and dedicated seaborne vessel transport for delivery to European ports.

Product overview

Gen2 Energy is a Norwegian green hydrogen production company operating multiple production facilities along the Norwegian coast (Nesbruket 195 MW, Holandsvika 500 MW, Monstad 150 MW, and Farsund 150 MW), totaling approximately 995 MW of planned capacity. The company produces and distributes two main product forms: liquefied green hydrogen (LH2) from the Nesbruket facility for maritime customers, and compressed green hydrogen delivered via containerized 40-foot shipping containers. Products integrate proprietary container solutions and vessel transportation for distribution across Europe. The portfolio targets maritime, mobility, and industrial sectors with RFNBO-compliant hydrogen meeting EU sustainability standards.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquefied Green Hydrogen (LH2)

Quantifiable outcome

• Avoid approximately 9 million tonnes of CO2 equivalent emissions over 10 years from the EU-selected hydrogen projects portfolio (Gen2 Nesbruket part of this)
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

25 partnerships are on record, tiered core, minor and flagship.

• LH2 ShippingcoreStrategic or Co-development Partner · 22 June 2026LH2 Shipping will receive liquid hydrogen bunkering supply from Gen2 Energy's green hydrogen production facility at Mosjøen for its fleet of six zero-emission vessels, including two liquid hydrogen-powered 7,700-dwt bulk carriers for the StrandBulk Project. This partnership is a core element of Gen2 Energy's maritime offtake strategy.
• StatnettcoreStrategic or Co-development Partner · 11 May 2026Grid operator providing 150 MW grid capacity reservation for Monstad project in Åfjord. Statnett plays a key role in planned grid development in the Helgeland region. Partnership critical for securing power supply to production facilities.
• TensiocoreStrategic or Co-development Partner · 11 May 2026Distribution grid operator collaborating with Statnett on grid capacity for Monstad project in Åfjord. Tensio and Statnett working closely with Gen2 Energy toward project realisation.
• LineacoreStrategic or Co-development Partner · 11 May 2026Linea (formerly Tensio/Helgeland Kraft) involved in power grid supply for Nesbruket project. Working with Gen2 Energy toward realisation of the Mosjøen hydrogen facility.
• Mosjøen og Omegn Næringsselskap (MON)coreStrategic or Co-development Partner · 5 January 2026MON and Vefsn municipality acknowledged for strong and constructive collaboration in achieving the 195 MW grid capacity reservation for Nesbruket project. MON has supported Gen2 Energy's local development in Mosjøen since 2021.
• MB EnergycoreStrategic or Co-development Partner · 22 October 2025MoU signed at Hydrogen Technology World Expo Hamburg for collaboration on production, offtake and distribution of RFNBO-compliant liquid hydrogen from Gen2 Energy's Nesbruket project to MB Energy's end customers in Germany. Three-year collaboration examining logistics and transport options for liquid hydrogen supply chain.
• Statnett (Norwegian Ministry of Energy)coreStrategic or Co-development Partner · 24 September 2025Norwegian Ministry of Energy approved Statnett's Helgeland KVU (concept study), enabling grid development to proceed with Concept 1 stepwise expansion. Critical for Gen2 Energy's green hydrogen production dependent on large renewable energy access in the Helgeland region.
• Farsund MunicipalitycoreStrategic or Co-development Partner · 23 April 2025Long-term lease agreement for Lundevågen Havneområde industrial site (60+ acres) for large-scale green hydrogen production near Norway's first major offshore wind park connection. Farsund municipality supports establishment as green industry initiative.
• Tata Steel NetherlandscoreStrategic or Co-development Partner · 14 November 2024Collaboration agreement signed during Dutch King Willem-Alexander's Norway visit for import of liquid hydrogen to Tata Steel's IJmuiden plant for decarbonisation. Part of four-party partnership including ECOLOG and Port of Amsterdam, representing one of the first concrete industrial hydrogen supply agreements in Europe.
• ECOLOGcoreStrategic or Co-development Partner · 14 November 2024ECOLOG (with Eos Terminal, planned as world's largest liquid hydrogen storage and distribution hub in Amsterdam) will provide specialised liquid hydrogen vessels for transport from Gen2 Energy's Norwegian facilities and handle import, storage, and distribution to industrial consumers including Tata Steel.
• Port of AmsterdamcoreStrategic or Co-development Partner · 14 November 2024Part of four-party hydrogen partnership to import liquid hydrogen to the Netherlands. Port of Amsterdam facilitates hydrogen distribution via pipeline, road, rail, and inland waterways to industrial consumers including Tata Steel.
• Norsk e-FuelcoreStrategic or Co-development Partner · 11 January 2024Collaboration on green hydrogen supply for e-Fuel (sustainable aviation fuel) production at Nesbruket. Gen2 Energy supplies hydrogen 'over the fence' as feedstock, enabling Norsk e-Fuel to double production from 25 to 50 million litres per year. Joint infrastructure development and project coordination at adjacent industrial plots.
• WINGAS GmbH (subsidiary of SEFE)coreStrategic or Co-development Partner · 5 October 2023Transaction Term Sheet signed in London for green hydrogen delivery from Gen2 Energy to Germany. WINGAS, as SEFE's trading subsidiary, empowered to enter advanced discussions with end-users following the Term Sheet agreement.
• Port of HelgelandcoreStrategic or Co-development Partner · 3 July 2023Agreement on planning and design of quay at Nesbruket, coordinated with hydrogen plant construction. Port of Helgeland (inter-municipal company) provides port expertise and tailored solutions, contributing to making Mosjøen one of the largest container ports in Northern Norway.
• Norsk e-FuelcoreStrategic or Co-development Partner · 18 January 2023Earlier MoU to collaborate on development of Mosjøen as key green industry location, including common access to additional land and joint infrastructure for green industrial processes. Tri-lateral option agreement signed with Vefsn Municipality for purchase of additional land including administration offices, parking, workshops, and laboratory.
• SEFE Group (Securing Energy for Europe)coreStrategic or Co-development Partner · 6 January 2023MoU and Transaction Term Sheet signed for long-term delivery and offtake of containerised compressed green hydrogen from Gen2 Energy's Norwegian production facilities to customers in Germany and North-West Europe via WINGAS GmbH subsidiary. Sales and Purchasing Agreement targeted; Gen2 Energy presented at Hannover Fair alongside SEFE for German Chancellor and Norwegian PM.
• Åfjord MunicipalitycoreStrategic or Co-development Partner · 14 December 2022Long-term lease agreement for Monstad Havneområde industrial site (41 acres) for large-scale green hydrogen production and quay access for export. Åfjord municipality supports industrial establishment as part of its green shift strategy, creating new jobs and population growth.
• Wood GroupcoreImplementation/ SI/ Consulting Partner · 9 November 2022Wood awarded FEED (front-end engineering design) contract for Gen2 Energy's first large-scale green hydrogen production facility in Mosjøen. Wood applies decades of hydrogen expertise and project implementation capabilities to develop the 100MW plant.
• Grieg LogisticsminorStrategic or Co-development Partner · 7 June 2022Letter of intent for cooperation on planning, design, and operation of terminals at Mosjøen Industriterminal (MIT). Grieg Logistics to provide end-to-end ship services, maritime logistics, terminal operating systems and digital solutions, supporting Gen2 Energy's seaborne hydrogen logistics.
• Nova SeaminorStrategic or Co-development Partner · 11 May 2022Partnership to explore use of hydrogen as fuel, supporting Nova Sea's decarbonisation of maritime operations in the salmon farming sector.
• Alcoa NorwayminorStrategic or Co-development Partner · 24 November 2021Letter of intent signed to explore potential use of green hydrogen in Alcoa's aluminium operations in Mosjøen, including maritime logistics (Mosjøen-Rotterdam shipping), grid utilisation and power sharing, and local use of oxygen by-products. Alcoa is Gen2 Energy's neighbour at the industrial site.
• Truck og MaskinminorStrategic or Co-development Partner · 31 October 2021Cooperation agreement to establish local hydrogen supply chain in Mosjøen. Truck og Maskin, provider of heavy-duty vehicles, to work with Gen2 Energy to enable zero-emission solutions for regional industrial customers and contribute to creating a national Hydrogen Hub in Mosjøen.
• Vefsn MunicipalitycoreStrategic or Co-development Partner · 6 September 2021Agreements signed for purchase of two plots in Mosjøen: Nesbruket area (~25 acres) and Holandsvika area (~40 acres) for hydrogen production facilities, with Port of Helgeland as party for quay solutions. Municipality provides industrial land and regulatory support.
• Höegh LNGcoreStrategic or Co-development Partner · 8 June 2021Höegh LNG acquired a minority stake in Gen2 Energy and signed a cooperation agreement on seaborne logistics for green hydrogen transport. Höegh LNG contributes extensive experience in shipping, import of natural gas, energy infrastructure and complex logistics chains. Partnership targets first-mover position in seaborne transport of green hydrogen.
• Port of Cromarty FirthflagshipStrategic or Co-development Partner · 25 May 2021MoU signed to create commercial pathway to export green hydrogen from Norway to the UK. Port of Cromarty Firth will serve as UK transhipment hub, with hydrogen distributed by road, rail and sea to customers across Scotland, UK, and Europe. Described as historic moment for establishing a hydrogen value chain between Norway and the UK.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Nel ASA: Norwegian electrolyzer manufacturer and green hydrogen project developer (via Nel Hydrogen Electrolyser AS) with U.S., Norway, and Denmark deployments. Comparable as a Norwegian pure-play hydrogen company, though Nel is upstream equipment-focused while Gen2 is downstream production/of-supply focused.
• Everfuel A/S: Danish green hydrogen producer and distributor developing HySynergy (Fredericia) and other European sites for industrial and mobility customers. Direct competitor in Northern European green hydrogen supply with comparable scale and industrial offtake focus.

Emerging players

• HH2E: German green hydrogen project developer planning large-scale electrolyzer hubs in northern Germany for industrial and mobility offtake. Comparable in European green hydrogen supply targeting German industrial customers (parallel to Gen2's SEFE/MB Energy agreements).
• Höegh LNG Holdings: Maritime LNG carrier and infrastructure company that acquired a minority stake in Gen2 Energy and partnered on seaborne hydrogen logistics. Comparable as a partner/customer in LH2 shipping infrastructure, transitioning LNG expertise toward hydrogen transport.

Broad incumbents

• Copenhagen Infrastructure Partners (CIP): Major infrastructure investor developing large-scale Power-to-X projects (e.g., Project Greensand Denmark, Everfuel partnerships) for green hydrogen and e-fuels. Comparable via Northern European green hydrogen project development targeting maritime and industrial offtake.
• Linde plc: Global industrial gases giant (merger of Linde and Praxair) with green hydrogen projects across Europe and North America, plus existing hydrogen pipeline and liquefaction infrastructure. Comparable in industrial-scale hydrogen production and supply to refining, steel, and chemicals customers.
• Air Products & Chemicals: Global industrial gases major with major green/blue hydrogen projects (NEOM in Saudi Arabia, Rotterdam). Comparable in large-scale hydrogen liquefaction and maritime fuel supply, particularly relevant as Air Products is a leading industrial hydrogen supplier and LH2 logistics provider.
• Equinor: Norwegian energy major with significant hydrogen ambitions (H2M Eemshaven, Northern Lights CCUS) and is an LNG/blue hydrogen producer. Comparable via Norwegian industrial base, maritime fuel value chain, and large-scale project development capabilities; broader incumbent portfolio than Gen2's pure-play green H2 focus.
• Shell Hydrogen: Integrated energy major with multiple hydrogen projects across Europe (H2REF in Rotterdam, NortH2 consortium). Comparable via industrial-scale hydrogen for refining/steel/mobility, RFNBO strategy, and maritime bunkering ambitions via Shell's existing shipping customer base.
• Iberdrola / BP / TotalEnergies hydrogen ventures: Large integrated energy companies with substantial green hydrogen pipelines across Spain (Iberdrola), UK (BP HyDeploy/Tees Valley), and France (TotalEnergies). Comparable in RFNBO-compliant hydrogen production targeting European industrial and mobility customers, though with broader renewable portfolios.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gen2energy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gen2 Energy