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 industrialise 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.
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