A joint venture between Everfuel and Hy24 has been established to fund the rapid expansion of electrolyzer capacity in the Nordic region. 51% of the JV will be owned by Everfuel, and 49% by the Clean H2 Infra Fund, which is managed by Hy24.
The JV intends to spend EUR 200 million in green hydrogen infrastructure in Denmark, Norway, Sweden, and Finland. The JV will be able to fund, build, own, and operate up to 1 GW of green hydrogen projects as a result of this.
The HySynergy Phase 1 20 MW green hydrogen production plant in Fredericia, Denmark will be purchased by the JV as its first investment for a purchase price reflecting expenses incurred at signing, less grants received, subject to modification for extra costs incurred up to close. When Everfuel’s pipeline of hydrogen projects matures to final investment decision (FID) and is passed to the JV subject to stated criteria, the JV will continue to benefit from them.
The nearby HySynergy Phase 1 electrolyzer will significantly aid in the decarbonization of industrial processes at the Crossbridge Energy Refinery when it begins commercial operations in the second quarter of 2023. In addition, HySynergy will provide a competitive supply of green hydrogen as an emission-free fuel for sustainable transportation. HySynergy Phase 2, 300 MW, Green Hydrogen Plant received IPCEI funding in the amount of EUR 33.1 million in December 2022 to help with the development of the first of three 100 MW electrolyzers.
The JV’s ambitious Danish hydrogen vision will be supported by the hydrogen reactors it owns and operates. By 2030, the nation hopes to build 4 to 6 GW of electrolyzer production capacity, utilizing the extraordinary wind resources of Denmark. More than 1.3 GW of electrolyser capacity is part of Everfuel’s current project portfolio in Denmark.