Mikkel Tørud changes green pasture
After nine years at Scatec, Mikkel Tørud becomes the head of a company that will produce green ammonia for shipping.
Article taken from Finansavisen.no - read full article here.
After nine years at Scatec, Mikkel Tørud becomes the head of a company that will produce green ammonia for shipping.
Mikkel Tørud has held leading roles in green companies long before the ESG euphoria came to Oslo Børs a couple of years ago. Between 2007 and 2014 he worked at the solar energy company REC, in charge of IR and business development. He then became chief financial officer of Scatec, a job he held until March this year, when he took over responsibility for the company's green ammonia venture in the Middle East and North Africa.
Now Tørud has decided to quit Scatec to become CEO of North Ammonia. This is a joint venture that was established by Arendals Fossekompani and Grieg Maritime Group in 2021. The company's goal is to produce green ammonia to fuel the maritime sector.
“I think this is a very exciting opportunity to build a new company. At the same time, I can use the experiences I have from my time at Scatec into a new project,” says Tørud, who starts his new job in October.
Start of production in 2027
North Ammonia's plans were first presented during Arendalsuka 2 years ago. In this regard, Finansavisen wrote that Arendals Fossekompani and Grieg Maritime Group had injected NOK 5 million each into the company. The company has been further recapitalised since then.
The company's main project is to build a green ammonia plant in Eydehavn in Arendal. Two years ago, this was referred to as a billion-dollar investment, which involved building a pilot plant during 2022, and then starting production from a full-scale plant in 2024 or 2025. The target has now been changed to start production in 2027.
“North Ammonia is in the process of completing a feasibility study for the project in Arendal. The company has also signed a memorandum of understanding with, among others, Hoegh Autoliners, which wants to buy green ammonia, Tørud says.
“Currently, North Ammonia is a small company with two employees who also draw on resources from the owners and are based in Grieg's premises at Aker Brygge. As our projects mature, however, we need to build up the organisation,” says Tørud.
Via Going from Scatec: Mikkel Tørud changes green pasture by Sigurd Sveen, taken from Finansavsien.no 21.08.2023
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