Everfuel, Hy24 complete €200-million JV for green hydrogen infrastructure in Nordics

The joint venture (JV) agreement worth €200 million between Everfuel A/S and Hy24 has been successfully concluded, allowing the JV to start financing the development of electrolyser capacity across the Nordics, with a special emphasis on servicing the rapidly growing EU market.

Everfuel owns 51% of the JV and Hy24-managed Clean Hydrogen Infrastructure Fund holds 49%.

Everfuels HySynergy Phase 1 flagship project is the first acquisition by the JV with total transaction sum of €26.9 and a debt-free asset value of €44.9 million. As part of the transaction structure a loan will be provided to the JV, which will be used to reimburse the loan from European Investment Bank (EIB). The acquisition creates a framework model for an expanding portfolio of projects and opportunities in the Nordic region and is effective from 29 September 2023.

“We can now step up on making green hydrogen commercially available through development of strategically located hydrogen production facilities,” said Jacob Krogsgaard, founder and CEO of Everfuel. “Hy24’s has already proven to be the ideal partner and co-investor for Everfuel. Together we will develop green hydrogen infrastructure needed to serve rapidly growing demand from industry and mobility across our core markets to deliver on our long-term plan for growth and value creation.”

Pierre-Etienne Franc, co-founder and CEO of Hy24, added: “Deploying green hydrogen is key for the energy transition to succeed. With Everfuel, we are sharing common objective of accelerating the widespread development of essential hydrogen infrastructures to support the decarbonisation of hard-to-abate sectors. HySynergy is the flagship project our Hy24/Everfuel joint venture will deploy to make this pioneering vision becoming a reality.”

JV highlights

  • Plans to invest a total of €200 million in equity in green hydrogen infrastructure in Denmark, Norway, Sweden and Finland. This will enable the JV to fund, build, own and operate up to 1 GW of green hydrogen projects;
  • Accelerated delivery of existing hydrogen project pipeline and strengthened collaboration on other hydrogen production assets in the Nordic region;
  • HySynergy phase 1–20 MW electrolyser is the first asset acquired by the JV;
  • Combined industrial experience and financial strength of two leaders within green hydrogen infrastructure;
  • JV to leverage Everfuel’s electrolyser development, construction and operation capabilities;
  • JV to benefit from Hy24’s extensive business development experience and vast hydrogen industry and policymaker relationships.
HTW Editorial Team

HTW Editorial Team

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