Ardian-backed Hy24 teams up with Everfuel for $212m joint venture

Mar 7, 2023 | News

Everfuel, an 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 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.

Hy24, managing the world’s largest clean hydrogen infrastructure fund, is helping to realise hydrogen’s global potential as the low carbon energy vector of the future by investing in the entire clean hydrogen value chain. The JV is aligned with Hy24’s ambition of unlocking strategic and large-scale projects under development to accelerate the scale-up of hydrogen markets in Europe, in the Americas and Asia Pacific regions. Hy24 is investing through its EUR 2 billion impact fund ‘Clean H2 Infra Fund’ which was closed in October 2022.

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JV highlights

  • Plans to invest a total of EUR 200 million in equity in green hydrogen infrastructure in Denmark, Norway, Sweden and Finland. This will enable the JV to fund, build, own and operate up to 1 GW of green hydrogen projects
  • Accelerated delivery of existing hydrogen project pipeline and strengthened collaboration on other hydrogen production assets in the Nordic region
  • HySynergy project phase 1 – 20 MW electrolyser, set to commence commercial operations in second quarter of 2023, is the first asset to be held by the JV
  • Combined industrial experience and financial strength of two leaders within green hydrogen infrastructure
  • JV to leverage Everfuel’s electrolyser development, construction and operation capabilities
  • JV to benefit from Hy24’s extensive business development experience and vast hydrogen industry and policymaker relationships

Jacob Krogsgaard, the founder and CEO of Everfuel, said: “This is a major step towards making green hydrogen commercially available through an accelerated deployment of our hydrogen hubs. Hy24 is a leading global hydrogen infrastructure investor and the ideal partner and co-investor for us as the number one developer of electrolyser capacity in Europe. 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.”

Pierre-Etienne Franc, co-founder and CEO of Hy24, added: “We launched Hy24 and the Clean Hydrogen Infrastructure Fund to help hydrogen leaders and entrepreneurs accelerate the scale-up of their projects, and to unlock the potential for the decarbonisation of hard-to-abate sectors. Everfuel is one of the most advanced project developers with a broad knowledge of hydrogen technologies, markets, and business models in the Nordics. It is therefore the natural partner for fast and wise developments.”

Source: Press Release

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