INEOS Inovyn and Statkraft renewed their long-standing partnership in Norway by signing two new long-term power agreements to supply renewable energy for INEOS Inovyn’s Rafnes and Porsgrunn sites.

The first agreement effectively replaces the site’s existing power contract, which will expire in May 2023. It covers a capacity of 100 MW for an annual renewable energy production of 876 GWh each year. The second agreement will come into effect in 2026: it will cover an additional 30MW (263 GWh per year) and will support INEOS Inovyn’s extensive development plan in process electrification and H₂ production at Rafnes.

In Norway, INEOS Inovyn produces caustic soda, chlorine, H₂, vinyl chloride monomer and PVC-fundamental raw materials for sectors as diverse as automotive, building and construction, paints and adhesives, food, healthcare and medical, personal care, pulp and paper, textiles and water treatment.

"These long-term green energy supply agreements allow us to continue to competitively supply caustic soda and PVC from Norway to our customers in Europe and elsewhere in the world. They also enable us to pursue our ambitious asset development plans which we have put in place to reach our 2030 CO₂ reduction targets and to continue the decarbonization of our operations to deliver net zero emissions by 2050,” said Geir Tuft, CEO of INEOS Inovyn. “Statkraft’s support is critical for us to carry out this ambition as early movers in Norway and hence achieve our climate goals benefiting the full value chain for our customers.

Statkraft is equally proud of the deal, with Hallvard Granheim, Executive Vice President Markets, Statkraft, said, “The fact that we are contributing to INEOS Inovyn Norway’s extensive manufacturing in Norway and its planned investments in substantial emission reductions is a value added, and perfectly in line with our vision to renew the way the world is powered.”

The new agreement is the latest brick in the wall of INEOS Inovyn’s sustainability efforts for its Norwegian sites. It supports the Electra and Aquarius projects - which focus respectively on ground-breaking technology to fully electrify the production of vinyl chloride and the first INEOS Inovyn H₂ plant based on water electrolysis – leading to an additional 40% reduction of the site’s carbon footprint over the coming years.