Green Energy Partnership: Statkraft and Ineos Inovyn Secure Long-Term Green Power Contracts, Advancing Operations and Fostering New Investments in Hydrogen Production
Statkraft, a leading company in hydropower internationally and Europe's largest generator of renewable energy, has renewed its partnership with INEOS Inovyn, Europe's leading producer of vinyls. The new long-term power agreements will enable INEOS Inovyn to competitively supply customers in Europe and beyond.
The largest agreed power contract covers a capacity of 100 MW, equal to an annual volume of 876 GWh of documented renewable energy. This significant agreement replaces the existing power contract, which expires in May 2023. The new contract will secure the majority of the power needed for existing manufacturing activities and additional power for planned investments.
INEOS Inovyn's annual commercial production volume is circa 10 million tonnes, and the company operates assets in eight countries across Europe. In Norway, INEOS Inovyn operates at the Rafnes site in Bamble and at the Herøya site in Porsgrunn. The support from Statkraft is crucial for INEOS Inovyn to act as early movers in Norway and achieve its climate goals.
Selling electricity to power-intensive industries is a significant part of Statkraft's activities, with plans to deliver around 10 TWh in 2023. The new agreements will contribute to INEOS Inovyn Norway's planned investments in extensive emission reductions.
Geir Tuft, CEO of INEOS Inovyn, commented on the agreements, saying, "These long-term power agreements are an essential step in our ambition to meet our 2030 CO reduction targets and achieve net zero emissions by 2050."
The second long-term power agreement covers up to 30 MW, adding 263 GWh per year for the period from 2026. The agreements will source power from Statkraft's renewable hydropower assets in Norway.
In 2022, Statkraft signed eight new contracts with a total volume of 25 TWh over the contract period, and negotiations for more contracts are ongoing. The power agreements will support INEOS Inovyn's ambitious asset development plans to meet its climate goals.
Background on INEOS Inovyn and Geir Tuft
INEOS Inovyn is Europe's largest producer of chlor-vinyl products, including PVC, with significant production sites in several European countries. The company is part of INEOS, one of the world's largest chemical companies.
Geir Tuft, a Norwegian business leader and industrial manager, served as CEO of INEOS Inovyn from 2018 until 2024. Before joining INEOS Inovyn, Tuft held various leadership positions in the energy and chemical sectors, including at Yara International and Nalco Champion. As CEO of INEOS Inovyn, Tuft was responsible for the strategic alignment, economic development, and digital transformation of the company.
However, as of September 2025, Chris Tane has taken over as CEO of INEOS Inovyn, and Tuft's current position or further professional activities are not publicly documented. For more information about Tuft's current activities, it is recommended to research on the official website of INEOS or in current industry news.
Key Responsibilities at INEOS Inovyn
During his tenure as CEO, Tuft was responsible for strategic development, particularly sustainable and digital innovations, integration of production sites following the acquisition of Solvay's shares, and sustainability initiatives to reduce CO₂ emissions and promote circular economy.
The renewed partnership between Statkraft and INEOS Inovyn marks an important milestone in the companies' ongoing efforts to promote sustainable growth and reduce carbon emissions in the chemical industry.
