Nel has entered into an MoU with Everfuel which involves Everfuel taking a majority stake in H2 Fuel Norway (H2Fuel), a fully owned company of Nel, and changing the name to Everfuel Norway Retail.
Everfuel targets an investment of NOK 26 million in H2Fuel, resulting in a 51% ownership share in the company. Everfuel Norway Retail’s strategy will be to combine the resources and build, own and operate hydrogen fueling stations in Norway, starting in Oslo.
“Becoming part of Everfuel’s activities in Norway is a natural next step for H2Fuel, and I look forward to continue leading the company’s efforts in developing the hydrogen retail market in Norway.”Helge Skaarberg Holen, managing director of H2Fuel.
Final agreement is subject to a completed due diligence. The transaction and creation of Everfuel retail Norway is expected to be completed in December 2020.