A joint venture (JV) which will fund the development of electrolyser capacity throughout the Nordics has been established between Everfuel and Hy24.
The JV, which was first announced in February this year, has just completed the transaction which will enable the financing of the developments to commence.
The pair have planned to invest €200 million in equity in green hydrogen infrastructure in Denmark, Norway, Sweden, and Finland, which will enable the JV to fund, build, own, and operate up to 1 GW of green hydrogen projects.
Everfuel, a Denmark-based green hydrogen company, own 51% of the JV, while Hy24-managed Clean Hydrogen Infrastructure Fund, which is the largest in the world, holds 49%.
Jacob Krogsgaard, founder and CEO of Everfuel, said: “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,”
Echoing these sentiments, 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 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.”