A Memorandum of Understanding has been struck between Everfuel A/S and Hydro’s renewable hydrogen enterprise.
The two firms will work together to create a framework for the development, operation, and optimization of hydrogen electrolysers powered by renewable energy in Europe. The two businesses seek to establish projects near Hydro’s aluminum operations, with dedicated special purpose vehicles (SPVs) assisting in the construction and operation of each electrolyser.
Depending on the estimated offtake from the given location, the SPVs will be either wholly owned by Hydro or majority owned by Everfuel. Initially, the companies have agreed to concentrate their efforts on three locations in Norway and mainland Europe, which will be disclosed in the second half of 2021. Two of the three initial sites will be primarily owned by Everfuel. Both sides want to grow the hydrogen industry for industrial and transport applications. Both companies expect the collaboration to speed up green hydrogen production while also providing a platform for risk sharing and cost savings.