Danish hydrogen co Everfuel seeks EUR 26.5m to grow in Europe
Source: ARENA (arena.gov.au)
Green hydrogen producer Everfuel A/S considers launching a private placement of up to NOK 290 million (USD 31.1m/EUR 26.5m) worth of stock to finance growth.
Everfuel was set up in 2019 as a spin-off unit of Norwegian hydrogen technology firm Nel ASA (OSE:NEL). It offers hydrogen supply and fueling solutions, targeting mainly the transportation sector.
The Denmark-based company said on Monday it will issue up to 13.2 million new shares at a price of NOK 22 apiece. Shares with a total value of NOK 120 million will be purchased by Saga Tankers, Luxor Capital and BankInvest, subject to certain terms and conditions.
Existing shareholders EF Holding AsP, a company majority-owned by Everfuel’s CEO Jacob Krogsgaard, and Nel ASA, have made a pre-commitment for NOK 3.2 million worth of shares. Other members of the Everfuel A/S management and board members will buy shares for a total of NOK 1.8 million, while BNP Paribas Asset Management has pre-subscribed for shares for the NOK equivalent of EUR 4 million.
The gross proceeds from the deal will be allocated for expansion initiatives in Norway, Sweden, Denmark, Germany, the Netherlands and Belgium. Some of the funds will support the company’s equity investments and working capital for ongoing and new projects and will also be directed towards research and development (R&D) and general corporate needs.
The placement application period will close on October 21, 2020. SpareBank 1 Markets AS is the financial advisor and sole manager and bookrunner of the deal.
Everfuel has also applied for admission of its shares to trading on the Merkur market of the Oslo stock exchange. It expects the first day of trading to be October 29, 2020.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.