With reference to the announcement on February 28, 2023 regarding the creation of €200-MM joint venture (JV) between Everfuel A/S, a leading European green H₂ energy company, and Hy24, managing the world's largest clean H₂ infrastructure fund.

Everfuel announced that the transaction establishing the JV has been completed, enabling the JV to commence financing the development of electrolyzer capacity across the Nordics with a special emphasis on servicing the rapidly growing market within the EU. Everfuel owns 51% of the JV and Hy24-managed Clean H₂ Infrastructure Fund holds 49%.

Everfuels HySynergy Phase 1 flagship project is the first acquisition by the JV with total transaction sum of €26.9 MM and a debt free asset value of €44.9 MM. As part of the transaction structure a loan will be provided to the JV which will be used to reimburse the loan from European Investment Bank (EIB). The acquisition creates a framework model for an expanding portfolio of projects and opportunities in the Nordic region and is effective from September 29, 2023.

“We can now step up on making green H₂ commercially available through development of strategically located H₂ production facilities. Hy24’s has already proven to be the ideal partner and co-investor for Everfuel. Together we will develop green H₂ infrastructure needed to serve rapidly growing demand from industry and mobility across our core markets to deliver on our long-term plan for growth and value creation,” said Jacob Krogsgaard, founder and CEO of Everfuel.

“Deploying green H₂ is key for the energy transition to succeed. With Everfuel, we are sharing common objective of accelerating the widespread development of essential H₂ infrastructures to support the decarbonization of hard-to-abate sectors. HySynergy is the flagship project our Hy24/Everfuel joint venture will deploy to make this pioneering vision becoming a reality,” said Pierre-Etienne Franc, co-founder and CEO of Hy24.