The SMART-H2 (Sustainable Marine and Road Transport—Hydrogen in Iceland) project is a supported market introduction where participants impose various demands on hydrogen technology in a variety of market applications.
VistOrka’s role in SMART-H2 includes leading the steering committee for the project, financing its management, subsidizing hydrogen vehicles, and providing support to follow up all parts of the project.
VistOrka is providing at least US$3.5 million to the SMART-H2,which has a total budget of US$7-8 million. The funding will be used to provide incentives for available hydrogen vehicles, with the goal to have at least 30 hydrogen vehicles operating by mid-2009.
The first phase of the SMART-H2 is to introduce hydrogen-powered vehicles to potential customers. Customers will buy or lease these hydrogen vehicles from VistOrka, who will also provide technical support. The first customers will be energy companies, investment funds, and Hertz car rental service. SMART-H2 will be expanded in the next phase of the project with additional hydrogen vehicles introduced in 2008-2009.
Earlier this year, Quantum shipped 11 hydrogen-fueled Prius hybrid vehicles to Miljobil Grenland ASa participant and vehicle provider to the Norwegian Hydrogen Highway project (HyNor). The 11 are part of an order for 15 placed last year. (Earlier post.)