Everfuel will own 51% of the JV and the Hy24-managed Clean H2 Infra Fund will own 49%, as the two companies plan to finance the development of electrolyser capacity across Denmark, Norway and Sweden.

The €200m in equity in green hydrogen infrastructure in the region will enable the two companies to fund, build, own and operate up to 1GW of green hydrogen projects.

The first investment of the JV, ‘Everfuel Hy24’, will be the purchase of the HySnergy Phase 1 20MW green hydrogen plant in Fredericia, Denmark for an estimated €28m.

In December (2022), Everfuel announced the production of the first hydrogen from the HySnergy project from its 20MW electrolyser. The facility is expected to expand up to 300MW by 2025.

Read more: Everfuel announces first hydrogen produced from HySnergy project

Jacob Krogsgaard, Founder and CEO of Everfuel, said, “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.”

The HySnergy electrolyser is expected to start commercial operations in Q2 and contribute to significant decarbonisation of industrial processes at the adjacent Crossbridge Energy Refinery. It will also offer a competitive supply of green hydrogen as zero-emission fuel for mobility.

Hy24 will also provide a bridge loan of €15m to the joint venture that is expected to be replaced with a larger facility from external debt providers as HySnergy Phase 2 matures. The JV will further benefit from Everfuel’s pipeline of hydrogen projects as they move to Final Investment Decision (FID). Everfuel’s current project portfolio includes more than 1.3GW of electrolyser capacity.

Read more: Everfuel unveils plans for Danish regional green hydrogen hub

Hy24 is investing through its €2bn Clean H2 Infra Fund, and the project aligns with its ambition of unlocking strategic and large-scale projects under development to accelerate the scale-up of hydrogen markets in Europe, Americas and Asia Pacific regions.

Read more: Hy24 closes ‘world’s largest’ clean hydrogen infrastructure at €2bn

Pierre-Etienne Franc, Co-founder and CEO of Hy24, said, “We launched Hy24 and the Clean H2 Infra 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.”

The hydrogen plants owned and operated by the joint venture will support the ambitious Danish hydrogen roadmap. The country is planning to develop 4-to-6GW of electrolyser production capacity by 2030 leveraging Denmark’s exceptional wind resources.

Lars Løkke Rasmussen, Minister for Foreign Affairs of Denmark, said, “Green hydrogen and e-fuels will play a big role in decarbonising industries such as shipping, aviation and heavy transportation.

“So this is not only good news for the production of green energy in Denmark, but also for our global efforts to reduce carbon dioxide (CO2) emissions.”