REG-Ørsted A/S Green Fuels for Denmark receives IPCEI status

Oersted A/SAnnouncement

15/07/2022 16:15

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   Ørsted A/S (Orsted)
   Green Fuels for Denmark receives IPCEI status

   15-Jul-2022 / 17:00 CET/CEST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   15.7.2022 17:00:22 CEST | Ørsted A/S | Investor News

   Last year, the Danish government shortlisted Green Fuels for Denmark as
   one of two Danish Power-to-X projects eligible for public funding,
   provided that the European Commission recognises it as an Important
   Project of Common European Interest (IPCEI), contributing to sustainable
   economic growth, job creation and the competitiveness of the EU
   economy. Today, the European Commission has granted IPCEI status to Green
   Fuels for Denmark, which aims to produce large quantities of sustainable
   green fuels for road, maritime and air transport in the Copenhagen area.

   Green Fuels for Denmark is being developed by Ørsted in partnership with
   leading off-takers in heavy road transport (DSV), shipping (Maersk and
   DFDS), and aviation (Copenhagen Airports, SAS). The Danish government has
   earmarked a total of DKK 850 million of funding for the two shortlisted
   projects.

   The funding will help enable the consortium behind Green Fuels for Denmark
   to develop the first phases of the project as part of the
   industrialisation of renewable hydrogen and green fuels needed to compete
   with fossil-based alternatives. 

   Olivia Breese, Senior Vice President and Head of P2X of Ørsted, says: 

   “We’re very pleased that Green Fuels for Denmark has been identified as
   being of common European interest. IPCEI is a key enabler for creating a
   green and energy independent Europe, as it will unlock substantial amounts
   of funding to mature the Power-to-X industry, a central alternative to
   imported fossil fuels. This and other IPCEI projects in our portfolio
   represent the second stage of our Power-to-X journey in which we start
   introducing large-scale facilities across four important sectors:
   refining, heavy industry, chemicals production and heavy transport.” 

   She continues: “The scale-up of Power-to-X is dependent on the
   availability of large-scale renewable electricity, and we urge governments
   across Europe to dramatically accelerate the deployment of offshore and
   onshore wind and solar PV in order to deliver on Europe’s ambition to lead
   in Power-to-X.” 

   Power-to-X is emerging as a cornerstone technology in the fight against
   climate change in the hard-to-abate sectors and as a clear, homegrown
   European industrial strength. Ørsted has set the ambition to become a
   global leader in renewable hydrogen and green fuels, and the company is
   building a strong and diverse portfolio of Power-to-X projects across
   industries and geographies. The European Commission’s decision to award
   IPCEI status to the flagship project Green Fuels for Denmark is testimony
   to the strength and maturity of Ørsted’s Power-to-X pipeline which is
   based on concrete, feasible, and scalable projects in partnership with key
   off-takers.  

   Green Fuels for Denmark is located in Copenhagen, Denmark. When fully
   developed it aims to reach a total electrolysis capacity of 1,300 MW. The
   project will be constructed in phases. 

     • Phase 1 (10 MW) will annually supply 1,000 tonnes of renewable
       hydrogen for heavy road transport. 
     • Phase 2a (100MW in total) will annually produce more than 50,000
       tonnes of mainly e-methanol for shipping and enough e-kerosene to
       potentially fuel Denmark’s first green domestic air connection. 
     • Phase 2b plans to reach 300-350 MW of cumulative capacity. When in
       full operation, phase 2b will produce more than 100,000 tonnes in
       total of e-methanol and e-kerosene, equivalent to more than the total
       consumption of fuels for domestic aviation in Denmark. 
     • Phase 3 – the full 1,300 MW capacity – will be able to produce 275,000
       tonnes of renewable fuels per year.

   Subject to final investment decisions, phase 1 could enter commercial
   operations in 2023, phase 2a in 2025, and phase 2b in 2027. 

   In addition to Green Fuels for Denmark, three other Ørsted projects have
   been shortlisted in the IPCEI process: Haddock (the Netherlands, in
   collaboration with Yara), HySCALE100 (Germany, with several partners), and
   Lingen Green Hydrogen (Germany, in partnership with bp). The EU Commission
   is expected to finalise its IPCEI notification process by end of 2022. 
       
   For further information, please reach out to: 
    
   Media Relations 
   +45 99 55 95 52 
    
   Investor Relations 
   Rasmus Keglberg Hærvig 
   + 45 99 55 90 95 
    1 IR@orsted.com 

       About Ørsted A/S

   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Moreover, Ørsted provides energy
   products to its customers. Ørsted is the only energy company in the world
   with a science-based net-zero emissions target as validated by the Science
   Based Targets initiative (SBTi). Ørsted ranks as the world’s most
   sustainable energy company in Corporate Knights' 2022 index of the Global
   100 most sustainable corporations in the world and is recognised on the
   CDP Climate Change A List as a global leader on climate action.
   Headquartered in Denmark, Ørsted employs 7,016 people. Ørsted's shares are
   listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK
   77.7 billion (EUR 10.4 billion). Visit  2 orsted.com or follow us on
   Facebook, LinkedIn, Instagram, and Twitter.

       Attachments

     •  3 Press release - GFDK gets IPCEI-status.pdf

   News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  175184
   EQS News ID:   1399307


    
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References

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