FDE, a carbon-negative energy producer, has finalized the acquisition of a majority stake in Greenstat, a prominent green energy company in Norway, emphasizing hydrogen and solar energy operations.
Greenstat stands out as a key player in low-carbon hydrogen initiatives in Norway. Notably, it co-owns one of Norway’s initial operational green hydrogen plants located at the Stord Hydrogen Pilot site, which has been functioning for over a year. The company has partnered with Enova, a Norwegian entity under the Ministry of Climate and Environment, dedicated to fostering eco-friendly energy transitions, to advance two significant hydrogen projects.
The first project, Hydrogen Hub Agder, fully owned by Greenstat, involves establishing a 20 MW hydrogen facility catered to supplying green hydrogen to the maritime sector, with operations expected to commence in early 2026. Enova has pledged financial support of up to NOK 148 million, covering over 40% of the total project investment.
In parallel, the Glomfjord project, in which Greenstat holds a 33% stake alongside Neptun Tromsø, is focused on constructing a 20 MW green ammonia production site for a large nearby fertilizer manufacturer, set to commence operations in 2027. Enova’s grant will finance over 40% of the project costs, amounting to up to NOK 150 million.
Greenstat boasts a proficient development team that has curated an appealing portfolio of solar projects across Europe. With a 45 MW project already operational since the second half of 2023, generating approximately EUR 5.5 million in annual revenues, the company is geared towards expanding its solar ventures. A pipeline of solar projects exceeding 50 MW is slated for development in 2024, with construction scheduled to kick off in the second quarter.
Paid in full from existing reserves, the acquisition affirms FDE’s sound financial standing, enabling the company to sustain its funding capabilities while gearing up for future endeavors, particularly with its new subsidiary, Greenstat. The upcoming months will witness a restructuring phase within Greenstat to optimize operational efficiency and reduce costs, in tandem with FDE’s overarching growth objectives.
The acquisition not only fortifies FDE’s commitment to sustainable growth through organic and inorganic means but also underscores its focus on meeting mid-term strategic targets. FDE is poised to unveil its growth projections for FY 2026 during its upcoming capital day on May 30, 2024.
With expectations set for FY 2026, encompassing annual revenues exceeding €100 million and an EBITDA surpassing €50 million, coupled with averting more than 10 million tons of CO2 equivalent emissions annually, FDE is positioned for substantial growth and environmental impact.
