LH2 Shipping Secures NOK 299 Million in Enova Funding for Hydrogen-Powered Bulk Carriers

Key facts

• LH2 Shipping has secured NOK 299 million in new funding from Enova
• Funding supports construction of the third and fourth liquid hydrogen-powered bulk carriers
• Project developed with Strand Shipping Bergen, part of Vertom Group BV
• Total Enova support for four vessels exceeds NOK 500 million

Overview
LH2 Shipping has received additional funding of NOK 299 million from Enova to support the construction of two liquid hydrogen (LH₂)-powered bulk carriers. The funding applies to vessels three and four in the company’s hydrogen bulk carrier programme and follows earlier Enova support for the first two vessels.

Together, the grants for all four ships amount to more than NOK 500 million. The vessels are being developed under the NordBulk Project, a collaboration between LH2 Shipping and shipowner and operator Strand Shipping Bergen, part of Vertom Group BV.

Project scope and partners
Strand Shipping Bergen plays an operational role in the NordBulk Project, contributing to Vertom Group’s wider decarbonisation strategy. Vertom operates a fleet of more than 100 vessels across short-sea and multipurpose trades, ranging from approximately 1,500 to 12,000 dwt. Through its cooperation with Vertom, Strand Shipping Bergen has access to a combined fleet of 117 vessels.

“Strand Shipping Bergen AS is fortunate to be part of the forward-thinking Vertom Group BV, and this project represents a new chapter in the pursuit of an environmentally sustainable future in shipping, as well as a significant step toward achieving zero emissions. We look forward to continuing our collaboration on this project together with LH2 Shipping,” said Joergen Brandt, Managing Director of Strand Shipping Bergen.

Technology and operational approach
The LH₂-powered bulk carriers build on experience gained from the hydrogen ferry M/F Hydra, which has demonstrated the use of liquid hydrogen in maritime operations. LH2 Shipping stated that this experience is being transferred to the bulk carrier segment as part of a broader move toward zero-emission shipping.

“Strand Shipping Bergen with Vertom support is a significant player in short sea shipping, and our combined maritime experience and shared ambitions to develop and offer future-oriented shipping solutions enable us to take important steps to build and operate climate-friendly transport alternatives. Liquid hydrogen is a proven technology aboard M/F Hydra, which is being built upon in the transition to zero emissions in the bulk carrier sector, and we are pleased to collaborate with a leading company like Strand Shipping Bergen,” said Dr. Ivan Oestvik, CEO of LH2 Shipping.

Role of Enova funding
The Enova funding is awarded under the programme “Hydrogen in vessels” and supports the NordBulk Project from early development through to construction.

“We are very pleased with this award and would like to thank Enova for the support so far from the pre-project phase and now into the construction phase for the first four ships in this segment. This enables us to accelerate the development of emission-free vessels in operation, whilst also ensuring ship operators and cargo owners staying ahead of increasingly strict emissions,” Oestvik said.

Zero-emission shipping context
LH2 Shipping is currently developing a broader portfolio of zero-emission ship concepts, combining liquid hydrogen, fuel cells and battery systems. The company notes that hybrid configurations allow different solutions depending on route length, charging availability and vessel type, with some short-sea routes operating fully on batteries and others requiring hydrogen fuel cells to extend range. The companies involved also pointed to evolving regulatory frameworks, including the EU Emissions Trading System, FuelEU Maritime and forthcoming International Maritime Organization measures, as factors influencing the long-term economics of zero-emission vessels. Rising CO₂ costs are expected to narrow the cost gap between fossil fuels and alternative fuels over time.