FID reached for Hydrogen Hub Agder as Everfuel transfers ownership to Greenstat

Danish green hydrogen company Everfuel has transferred its ownership in the planned 20 MW Hydrogen Hub Agder electrolyzer to the project partner Greenstat Hydrogen. The final investment decision (FID) on the project has also been reached.

Back in 2021, Everfuel and Greenstat formed a joint venture to establish the Hydrogen Hub Agder project in Norway. In April 2022, the companies signed a letter of intent (LoI) with Elkem and Glencore Nikkelverk to work towards a hydrogen production facility that will be accompanied by a distribution center targeting the shipping segment.

The project received NOK 148 million ($14.9 million) support from Enova in 2022. In May 2023, the partners signed an agreement for the long-term lease of land in the Fiskaa industrial area in Kristiansand for the construction of a hydrogen facility.

Now, Everfuel has decided to transfer its ownership in the 20 MW electrolyzer to Greenstat in exchange for potential future milestone-based payments for its participation in the development of the project.

The potential future payments depend on the project achieving the final investment decision. Following the share transfer, Greenstat Hydrogen owns 100% of the Hydrogen Hub Agder project.

Greenstat has issued a statement saying it had reached the FID for the project, adding that the work is underway to start construction of the facility in early autumn 2024.

“This transaction is in line with our realigned strategy with focus on phased development of large-scale electrolysers in Denmark to meet demand for green hydrogen from large industrial users in Germany and continental Europe. We are pleased that our project partner Greenstat Hydrogen AS now assumes full ownership to further mature the project and bringing the facility into production to decarbonise maritime transport,” said Jacob Krogsgaard, Founder and CEO of Everfuel. 

The construction of the project will consist of two phases. The first phase is a hydrogen production facility with a 20 MW electrolyzer producing around 8 MT of green hydrogen per day and the second phase expands the PtX facility to a 60 MW electrolyzer.

The primary focus of the hub is to serve the shipping industry with renewable fuel (where Kristiansand is a major port for both Norwegian coastal traffic and marine traffic) to the rest of the European continent.