European green hydrogen energy company Everfuel A/S has entered into a joint venture with Hy24 to finance the accelerated development of electrolyzer capacity across the Nordics Region. Everfuel will own 51% of the JV and the Hy24-managed Clean H2 Infra Fund will own 49%.
The JV’s first investment is to acquire the HySynergy Phase 120 MW green hydrogen production plant in Fredericia, Denmark for a purchase price reflecting the costs incurred at signing, fewer 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 electrolyzer 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 a zero-emission fuel for clean mobility. In December 2022, HySynergy Phase 2, a 300 MW, green hydrogen plant was granted IPCEI funding of EUR 33.1 million (US$35 million) to support the construction of the first of three 100 MW electrolyzers.
