With reference to the announcement on 28 February 2023 regarding the creation of EUR 200 million joint venture (JV) between Everfuel A/S and Hy24. Everfuel announced that the transaction establishing the JV has been completed, enabling the JV to commence financing the development of electrolyser capacity across the Nordics with a special emphasis on servicing the rapidly growing market within the EU. Everfuel owns 51% of the JV and Hy24-managed Clean Hydrogen Infrastructure Fund holds 49%.

Everfuels HySynergy Phase 1 project is the first acquisition by the JV with total transaction sum of EUR 26.9 and a debt free asset value of EUR 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.

JV highlights: Plans to invest a total of EUR 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.