ATOME’s Icelandic subsidiary, Green Fuel ehf has entered a non-binding term sheet with HS Orka, a producer of renewable energy in Iceland, for the supply of up to 40 MW from geothermal and hydroelectric power, according to a news release.
The intention is for both parties to enter a binding PPA prior to year-end. The power is due to be delivered for the start of Green Fuel’s commercial operation, scheduled in 2026.
In addition to the 40MW from HS Orka, Green Fuel has also signed a LOI with ON Power, another company generating power from the same sources in the country, for the supply of up to 20 MW of renewable power available from 2027.
Green Fuel’s green ammonia facility has start-up targeted by the end of 2026.
“Iceland is a prime location for green hydrogen and ammonia production, through its 100% green electricity grid from baseload geothermal and hydro sources, with a strong focus on decarbonizing its domestic shipping and transport sectors,” the release states.
Green Fuel’s green products are aimed at decarbonizing the maritime sector. To this end, Green Fuel has signed a MOU with Samherji, one of the largest fishing companies in Iceland, to collaborate on the development of ammonia-powered fishing vessels.
