Denmark – Ørsted has canceled its planned FlagshipOne project, which would use onshore wind turbines to power an electrolyser to produce e-methanol for marine fuel. Ørsted reduces risk in project execution and prioritizes projects with the greatest potential for value creation such as offshore wind farms.
Mads Nipper, Group President and CEO of Ørsted, commented, “The market for liquid e-fuels in Europe is developing more slowly than expected and we have made the strategic decision to de-prioritize our efforts within the market and discontinue FlagshipONE development. We will continue to focus on renewable hydrogen and continue our development efforts in this area. This is essential for decarbonizing key industries in Europe and is closer to our core business.’
The decision to discontinue FlagshipONE resulted in an impairment charge of DKK -1.5 billion.
