Everfuel-Hy24 JV all set to work on green hydrogen infrastructure in the Nordics
Everfuel, a Denmark-based green hydrogen company, and Hy24, managing the world’s largest clean hydrogen infrastructure fund, have completed the transaction establishing the joint venture (JV) to begin financing the development of electrolyzer capacity across the Nordics.
The parties announced the creation of the JV on February 28, 2023, with 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.
Everfuel owns 51% of the JV and the Hy24-managed Clean Hydrogen Infrastructure Fund holds 49%.
As disclosed, Everfuels HySynergy Phase 1 flagship project is the first acquisition by the JV with a 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 the 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 September 29, 2023.
“We can now step up on making green hydrogen commercially available through development of strategically located hydrogen production facilities. 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,” said Jacob Krogsgaard, founder and CEO of Everfuel.
“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 decarbonization 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,” added Pierre-Etienne Franc, co-founder and CEO of Hy24.