Everfuel A/S, a leading European green hydrogen energy company, and Hy24, managing the world’s largest clean hydrogen infrastructure fund, are pleased to announce the creation of a joint venture (the “JV”) to finance the accelerated development of electrolyser capacity across the Nordics. Everfuel will own 51% of the JV and the Hy24-managed Clean H2 Infra Fund will own 49%.

The JV combines Everfuel’s position as pioneer and leading green hydrogen project developer in Europe and Hy24’s extensive industrial experience and financial strength. The JV’s first investment is to acquire the HySynergy Phase 1 20 MW green hydrogen production plant in Fredericia, Denmark for a purchase price reflecting the costs incurred at signing, less grants received, subject to adjustment for additional costs incurred up until closing. The JV will further benefit from Everfuel’s pipeline of hydrogen projects as they are matured to final investment decision (FID) and transferred to the JV subject to predefined criteria.

The HySynergy Phase 1 electrolyser is expected to commence commercial operations in the second quarter of 2023 and will contribute to significant decarbonization of industrial processes at the adjacent Crossbridge Energy Refinery. HySynergy will also offer a competitive supply of green hydrogen as zero-emission fuel for clean mobility. In December 2022, HySynergy Phase 2, 300 MW, green hydrogen plant was granted IPCEI funding of EUR 33.1 million to support the construction of the first of three 100 MW electrolysers.