Norsk Hydro: Hydro has decided to invest in technology pilot in Karmøy
(Thomson Reuters ONE) -
Hydro has made a formal investment decision to develop a full scale pilot plant
in Karmøy to demonstrate the world's most energy and climate efficient aluminium
production. A final build decision for the project, with total costs estimated
at NOK 3.9 billion, is conditioned on Hydro securing a robust power solution for
the technology pilot.
"The Karmøy pilot will be the largest investment in mainland industry in a
decade, beyond oil and gas. The decision thus demonstrates our confidence in the
Norwegian technology cluster and Norway's future position in sustainable
production of aluminium in a global climate perspective," says Hydro's President
and CEO, Svein Richard Brandtzæg.
Through the technology pilot in Karmøy, Hydro aims to industrialize the world's
most energy and climate efficient technology for aluminium production, with an
ambition to reduce energy consumption by 15% per kilo aluminium produced
compared to the world average, and with the lowest CO2 footprint in the world.
The pilot plant is designed with an annual production capacity of approximately
75,000 tonnes, with a possible start-up in the second half of 2017, at the
earliest. Project costs are estimated at NOK 3.9 billion, including NOK 1.5
billion in support from Enova. EFTA's surveillance authority, ESA, has recently
approved this support.
- An important condition for the project has now been confirmed, and we will
thus continue our work to mature the project towards a final building decision.
Our world leading technology organization is working at full speed to prepare
for construction start, which we hope to clarify early next year. The most
important thing remaining is to find an overall power solution for the pilot
plant, Brandtzæg says.
An overall power solution includes new competitive power contracts for the pilot
plant, and a clarification from Norwegian authorities regarding the industrial
ownership of power within the current consolidation model, which will enable
withdrawal of power instead of financial dividends. During the last week, Hydro
has entered into a new power contract with Lyse Produksjon AS of 330 GWh
annually in the period 2031-2040, which covers a third of the plant's power
needs in this period. Hydro is working actively to cover the remaining power
needs for the pilot towards a final building decision.
Hydro has previously received assurance from Statnett that it will be possible
to extend the power grid in the area in step with an industrial development in
Karmøy.
Investor contact
Contact Pål Kildemo
Cellular +47 97096711
E-mail Pal.Kildemo(at)hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland(at)hydro.com
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to reposition
and restructure our upstream and downstream aluminium business; changes in
availability and cost of energy and raw materials; global supply and demand for
aluminium and aluminium products; world economic growth, including rates of
inflation and industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets and
competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via GlobeNewswire
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