LOS ANGELES--(BUSINESS WIRE)--Universal Hydrogen, the company fueling carbon-free flight, today announced it has signed a letter of intent (LOI) with Icelandair Group, the leading airline in Iceland. Icelandair and Universal Hydrogen will pursue the implementation of green hydrogen, a carbon-free aviation fuel, as a propellant for Icelandair’s domestic aircraft fleet. Universal Hydrogen is enabling this transformation with its aftermarket hydrogen conversion kit for regional aircraft, as well as a fuel distribution system based on a unique modular hydrogen capsule technology.
The companies share the goal of eliminating aviation’s carbon footprint. Icelandair recognizes the critical need for a near-term solution to decarbonizing its fleet to meet global carbon reduction targets. For Universal Hydrogen and Icelandair, this LOI is the first step of an ambitious multilateral initiative, which requires working with Icelandic hydrogen producers, transportation companies, and airports. In a country with an electricity network powered by renewable energy, this represents an opportunity to decarbonize one of the most challenging industries – aviation.
“Icelandair sets the standard high for responsible aviation, we are committed to reducing our carbon emissions and believe we are in a good position to become one of the world’s first airlines to fully decarbonize our domestic network,” said Bogi Nils Bogason, President and CEO of Icelandair Group. “Universal Hydrogen’s work across both fuel logistics and services as well as aircraft conversions would allow us to accelerate our pursuit of a fully decarbonized domestic fleet and we’re thrilled about the option to be an early adopter, that could bring hydrogen-powered Dash 8s to our skies in the next several years.”
Given a positive outcome of the project and upon completion of the Dash 8 conversions of the Icelandair domestic fleet, Universal Hydrogen and Icelandair would enter into a long-term fuel services contract to provide cost-effective green hydrogen for Icelandair’s fleet at scale. The net outcome of this relationship is to realize operational efficiencies as sustainability objectives are achieved.
“We are excited for this partnership with Icelandair as it represents an early opportunity to build an entirely carbon-free aviation ecosystem,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “Iceland’s abundance of geothermal and hydroelectric power position it perfectly to be an early adopter of green hydrogen for its domestic aviation network.”
About Icelandair
Icelandair is a leading airline in Iceland. Its core business is built around its route network and the unique geographical location of Iceland, its hub and home. Icelandair connects a number of destinations in Europe and North America, serving four markets – to, from, via and within Iceland.
Icelandair is part of Icelandair Group which also operates an airfreight and logistics business, aircraft leasing and consulting services as well as a travel agency focusing on trips from Iceland.
About Universal Hydrogen
Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.
