Announcing Hypomar Ocean 1

Haugesund and Karmøy: Alginor ASA is pleased to announce that its wholly owned subsidiary, Hypomar AS, has signed an agreement with Fitjar Mekaniske Verksted AS for a newbuild harvesting vessel — Hypomar Ocean 1 — based on designs from Solstrand Trading AS.

Hypomar Ocean 1 is 24.5 metres long (LOA) and 10.4 metres wide and includes on-board production systems. The vessel is equipped with a hybrid diesel/electric energy system.

Delivery of the vessel is expected in Q4 2023.

Joint statement from CEO in Alginor ASA Kjetil Rein and CEO in Hypomar AS Harald Fiskaaen:

"In Alginor, we are developing a fully integrated value chain based on biorefining of Laminaria hyperborea, and our business is vitally dependent on controlling our raw material supplies. To that end, we have worked on finding a solution that meets our needs going forward.

Today, we are very pleased to announce that we have signed an agreement for our first large-scale harvesting vessel, Hypomar Ocean 1. Hypomar Ocean 1 is a next generation kelp harvesting vessel that will secure sufficient raw material supplies during our upcoming demonstration phase, and in the long-term as part of our planned fleet.

Solstrand Trading AS, together with Alginor’s employees, have done a remarkable job in designing the vessel to fit our needs. Our main focus has been on implementing measures that lowers technical risk and ensures raw material supply. Moreover, we have included excellent crew accommodations and amenities, and put significant weight on designing a robust vessel that safeguards personnel health & safety. In addition, and thanks to support from ENOVA, we have included a significant battery package to reduce our environmental footprint as much as possible in line with our commitment to ESG.

Fitjar Mekaniske Verksted AS is renowned for their craftmanship and expertise in shipbuilding. Through the process, they have convinced us that they are our ideal partner in this endeavor, and we look very much forward to working alongside them in what can only be described as a milestone project for our company."

The company’s plan is to finance the vessel through a combination of equity, debt financing and grants. The company has already established contact with Eksfin, and ENOVA will support the project.

For enquiries regarding the announcement, please contact

Kjetil Rein at kjetil.rein@alginor.no, or

Harald Fiskaaen at harald.fiskaaen@hypomar.no