Norsk Hydro has decided to set up a fund, Norsk Hydro Technology Venture (NTV), which will invest in energy sector research and development projects implemented outside of the company’s own operations. To begin with, Hydro has allocated NOK 350 million for this type of investment over the next four years. The fund will inject capital into companies developing projects which are of importance for Hydro.
Hydro’s President and CEO, Egil Myklebust, revealed the decision to set up the fund at a research conference arranged by Hydro in Oslo today.
The development of new technology is an element vital to all of Hydro’s business areas. Norsk Hydro Technology Venture will, in particular, invest in technological development which impacts on the company’s energy operations. The sort of technologies to be given close consideration are, for example, oil exploration and recovery, electricity production with low CO2 emission levels, fuel cells, hydrogen as an energy carrier and technologies aimed at renewable energy production.
The intention is for the fund to assist Hydro in taking on the role of development partner in those technologies that can be of strategic significance for the company. It is also a prerequisite that the fund achieves a rate of return on a par with that stipulated for Hydro’s other businesses.
Jørgen Rostrup, currently financial director for Hydro's oil operations in Norway, has been appointed head of Norsk Hydro Technology Venture.