Swedish renewable energy company OX2 AB (STO:OX2) and a unit of Ingka Group, the largest IKEA retailer, have jointly submitted a permit application for the ambitious 3.1-Gigawatt Neptunus offshore energy hub project in southern Sweden.
This initiative, situated about 50 kilometers off the coast of the Blekinge region, aims to integrate hydrogen production alongside wind energy generation.
The Neptunus project envisions the installation of up to 207 wind turbines, reaching a maximum height of 420 meters. Anticipated to generate between 13 to 15 Terawatt-hours annually, the energy hub is designed to cover the entire electricity consumption of the Blekinge and Skane regions.
A key facet of the project involves offshore hydrogen production, with a targeted capacity of up to 370,000 tonnes per year. The developers have also proposed utilizing oxygen, a byproduct of hydrogen production, to oxygenate the Baltic Sea, contributing to the restoration of marine life in the hub's vicinity.
Pending successful completion of the permit application process, construction is slated to commence in 2030. The Neptunus offshore energy hub project is a collaborative venture between OX2 and Ingka Investments, with the latter securing a 49% stake in the scheme in November 2023.
The partnership extends to the development of six offshore wind projects in Sweden, including Galene, Triton, Aurora, Pleione, and Ran, demonstrating a concerted effort to advance sustainable energy solutions in the region.