Everfuel, Hy24 form 1-GW green hydrogen JV for Nordic markets

Danish green hydrogen promoter Everfuel A/S (FRA:0HR) and Hy24, a 50/50 joint venture (JV) between Ardian and FiveT Hydrogen, will set up a new company targeting to deploy up to 1 GW of green hydrogen production capacity in the Nordics.

Under the plan, the companies will form a JV that will be 51%-controlled by Everfuel, while 49% of its stock will be owned by the Hy24-managed Clean H2 Infra Fund. The Danish firm will have the option to buy its partner’s shares, it said on Tuesday.

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The duo will invest EUR 200 million (USD 211.8m) in equity in the venture dubbed Everfuel Hy24 A/S.

The new entity will focus on the financing, construction, ownership and operation of green hydrogen projects in Denmark, Norway, Sweden and Finland. As a start, it will acquire Everfuel’s HySynergy project phase 1, which calls for the installation of a 20-MW electrolyser in Denmark, planned to produce green hydrogen for industrial applications and mobility. The plant is slated for commissioning in the second quarter of this year.

The JV will leverage Everfuel’s electrolyser development, construction and operation capabilities and get access to its hydrogen pipeline, which includes over 1.3 GW of projects in Denmark. Hy24 will bring its industrial experience within the hydrogen industry.

“Together we can develop green hydrogen infrastructure needed to serve rapidly growing demand from industry and mobility across our core Nordic markets, and firmly move into the ramp-up phase of our long-term plan for growth and value creation,” said Jacob Krogsgaard, CEO of Everfuel.

(EUR 1.0 = USD 1.059)