European green hydrogen energy company Everfuel has partnered with clean hydrogen infrastructure investment platform Hy24 to invest €200m in projects across the Nordics.

Everfuel will own a 51% stake in the joint venture alongside Hy24’s Clean H2 Infra Fund holding the remaining 49% in the partnership known as Everfuel Hy24.

The new partnership plans to invest the €200m in equity in green hydrogen infrastructure in Denmark, Norway, Sweden and Finland to fund, build, own and operate up to 1GW of green hydrogen projects.

The companies said Everfuel Hy24’s first investment is to acquire HySynergy Phase 1, a 20MW green hydrogen production plant in Fredericia in Denmark expected to commence commercial operations in the second quarter of 2023.

Everfuel Hy24 is investing €28m to buy HySynergy Phase 1 from Everfuel. Hy24 will also provide a bridging loan of €15m to the joint venture that is expected to be replaced with a larger facility from external debt providers, as HySynergy Phase 2 is matured.

The partnership is also expected to consider investing in some Everfuel projects that become available. Everfuel holds an option to buy Hy24’s shares in Everfuel Hy24, the companies said.

Jacob Krogsgaard, founder and CEO of Everfuel, said: “This is a major step towards making green hydrogen commercially available through an accelerated deployment of our hydrogen hubs. Hy24 is a leading global hydrogen infrastructure investor and the ideal partner and co-investor for us as the number one developer of electrolyser capacity in Europe.

“Together we can develop green hydrogen infrastructure needed to serve rapidly growing demand from industry and mobility across our core Nordic markets, and firmly move into the ramp-up phase of our long-term plan for growth and value creation.”

Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “We launched Hy24 and the Clean Hydrogen Infrastructure Fund to help hydrogen leaders and entrepreneurs accelerate the scale-up of their projects, and to unlock the potential for the decarbonisation of hard-to-abate sectors.

“Everfuel is one of the most advanced project developers with a broad knowledge of hydrogen technologies, markets, and business models in the Nordics. It is therefore the natural partner for fast and wise developments.”

Minister for Foreign Affairs of Denmark, Lars Løkke Rasmussen, said: “The investment underlines that Danish companies are frontrunners within green technologies. It also shows that Denmark remains an attractive destination for foreign green investments thanks to competitive framework conditions, supporting both Danish and European ambitious green policies and climate goals.”

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