In Norway, renewable energy major Statkraft ASA has announced that it and a group of former employees of Silva Green Fuel have reached an agreement that enables the continued testing of technology for biofuel production at Tofte.
As part of its new strategy, Statkraft is prioritising profitable growth within established technologies such as hydropower, solar, wind, and battery solutions in core markets.
To reduce the number of technologies in its portfolio, the company has, among other initiatives, worked to find new owners for the biofuel development company Silva Green Fuel.
Through Silva Green Fuel, Statkraft has been involved in testing and demonstrating new technology to produce advanced biofuels.
This work has also received support from Enova. Biofuels are believed to contribute to significant emissions reductions in the future.
The team at Tofte has made a substantial effort to develop this technology and has built up leading technological expertise. We are pleased to have reached an agreement that gives former employees the opportunity to continue this work, said Henrik Sætness, EVP for Corporate Development at Statkraft.
Under the agreement now in place, the accumulated technological expertise and the demonstration facility will be transferred to Silva Biofuel AS, a new company owned by former employees of Silva Green Fuel, with Joakim Sværen appointed as CEO.
This agreement marks an important milestone that enables us to step up our investment in HTL technology. The solution is attracting significant international attention and is among the most promising options for emissions reductions in hard-to-abate sectors. We are now entering a new phase in which we invite investors to join us in further maturing the technology, with a clear ambition to realise commercial plants in the years ahead, said Joakim Sværen, CEO of Silva Biofuel.
The transaction, the value of which has not been disclosed, is subject to regulatory approval.
