Denmark – Everfuel and Hy24 have formed a partnership to fund the rapid growth of electrolyzer capacity in the Nordics. Everfuel will control 51% of the JV, with the Hy24-managed Clean H2 Infra Fund owning the remaining 49%.
The JV intends to spend EUR 200 million in green hydrogen infrastructure in Denmark, Norway, Sweden, and Finland. The JV will be able to fund, build, own, and operate up to 1 GW of green hydrogen projects as a result of this.
HySynergy acquisition
The JV’s initial investment will be in the acquisition of the HySynergy Phase 1 20 MW green hydrogen production plant in Fredericia, Denmark, at a price representing the expenditures incurred at signing, less grants received, subject to adjustment for extra costs incurred up to close. Everfuel’s pipeline of hydrogen projects will also benefit the JV when they develop to final investment decision (FID) and are transferred to the JV based on predetermined criteria.
The HySynergy Phase 1 electrolyzer is expected to go commercial in the second quarter of 2023, contributing significantly to the decarbonization of industrial processes at the nearby Crossbridge Energy Refinery. HySynergy will also supply green hydrogen at a competitive price as a zero-emission fuel for clean mobility. HySynergy Phase 2, a 300 MW green hydrogen plant, received IPCEI funding of EUR 33.1 million in December 2022 to finance the construction of the first of three 100 MW electrolyzers.
Denmark’s hydrogen boost
The JV’s hydrogen facilities will contribute to Denmark’s ambitious hydrogen agenda. With Denmark’s extraordinary wind resources, the country intends to construct 4 to 6 GW of electrolyzer output capacity by 2030. In Denmark, Everfuel’s current project portfolio includes more than 1.3 GW of electrolyzer capacity.
