Denmark – Everfuel and Hydro’s renewable hydrogen company have signed a Memorandum of Understanding (MoU) for hydrogen development.
The two firms will work together to create a framework for the development, operation, and optimization of hydrogen electrolysers powered by renewable energy in Europe.
The two companies intend to develop projects adjacent to Hydro-owned aluminum plants with dedicated special purpose companies (SPV). This facilitates the construction and operation of each electrolyser. Depending on the estimated offtake from the given location, the SPVs will be either wholly owned by Hydro or majority owned by Everfuel.
Initially, the companies have agreed to concentrate their efforts on three locations in Norway and mainland Europe. The definite decision which will be disclosed in the second half of 2021. Two of the three initial sites will be primarily owned by Everfuel. Both sides want to grow the hydrogen industry for industrial and transport applications. Both companies expect the collaboration to speed up green hydrogen production. This also provides a platform for risk sharing and cost savings.