Green hydrogen JV’s first purchase a ‘model for Nordic projects’

A joint venture that will invest €200 million in equity in green hydrogen infrastructure across Denmark, Norway, Sweden and Finland has announced financial close and its first acquisition.

Jacob Krogsgaard, founder and chief executive of Everfuel

Denmark-headquartered green hydrogen company Everfuel (51%) and the Hy24-managed Clean Hydrogen Infrastructure Fund (49%) first announced the JV in February. It has now acquired the Everfuels HySynergy Phase 1 flagship project, a 20MW electrolyser, for €26.9 million. 

The companies said the acquisition “creates a framework model for an expanding portfolio of projects and opportunities in the Nordic region”.

The JV seeks to leverage Everfuel’s electrolyser development, construction and operation capabilities and Hy24’s business development experience to fund, build, own and operate up to 1GW of green hydrogen projects.

Jacob Krogsgaard, founder and chief executive of Everfuel, said it was time to “step up on making green hydrogen commercially available through the development of strategically located hydrogen production facilities”. 

Pierre-Etienne Franc, co-founder and chief executive of Hy24, said that deploying the HySinergy project was a crucial step in accelerating the development of green hydrogen infrastructure that is “key for the energy transition to succeed”.

The Hy24-managed Clean Hydrogen Infrastructure Fund is a 50/50 joint venture between private investment house Ardian and FiveT Hydrogen, a clean hydrogen investment platform. 

The fund has also attracted several anchor industrial partners such as Snam and Enagás, and investors including AXA, Crédit Agricole Assurances, Allianz, EDF and BBVA. The fund has €2 billion in allocations. 

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