Danish Everfuel, a publicly traded company on the Oslo Stock Exchange, has officially partnered with the hydrogen investment fund Hy24.

The partners will now contribute 200 million euros, or NOK 2.2 billion, to the Nordic region’s hydrogen infrastructure.

According to Everfuel CEO Jacob Krogsgaard, “this is a significant step toward making green hydrogen commercially available and will let us reach the scale-up phase of our long-term plan.”

The new funds from the partnership enable a number of possibilities:

In Norway, Sweden, Finland, and Denmark, it will enable the construction and operation of green hydrogen projects with a capacity of up to 1 GW.
The first acquisition is the HySynergy project, which will use electrolyzers with a 1–20 Megawatt output in phase 1.

The second quarter of 2023 might see the beginning of commercial operations. An estimated 28 million euros will be spent on the acquisition.

Everfuel will provide its expertise in electrolyzers and their operation, while Hy24 has extensive connections in the hydrogen industry as well as experience in business development. Everfuel and Hy24 both own 49 percent of the joint venture.