EQNR - Equinor RWE to partner in low-carbon hydrogen production

Equinor ( NYSE: EQNR ) and RWE ( OTCPK:RWEOY ) agreed Thursday to collaborate on large-scale projects aimed at ramping up production of low-carbon hydrogen and contributing to strengthen Europe's security.

The two companies said they plan to jointly build new gas power plants in Germany which initially would be fueled with natural gas and then gradually use hydrogen made in Norway as fuel with aim of fully running on hydrogen when volumes and technology are available.

The joint investments are contingent on a hydrogen pipeline currently being studied by Equinor, Norwegian gas system operator Gassco and other partners that would connect Norway and Germany.

The companies did not provide details, but RWE ( OTCPK:RWEOY ) - Germany's top power producer - said the partnership would cover investments worth several billion euros .

"The collaboration has the potential to develop Norway into a key supplier of hydrogen to Germany and Europe," Equinor ( EQNR ) CEO Anders Opedal said.

Equinor ( EQNR ) is one of the best-positioned companies to transition to a low-carbon future, VanEck writes in an analysis published recently on Seeking Alpha .

For further details see: