Renewable energy companies Everfuel and Hy24 have formed a joint venture to support the development of electrolyser capacity in the Nordic region. The two companies will contribute €200m in equity to construct renewable hydrogen infrastructure in Denmark, Norway, Sweden, and Finland.
The joint venture aims to develop up to 1GW of renewable hydrogen projects.
The JV will be 51% owned by Everfuel, while Hy24’s Clean H2 Infra Fund will own the remaining 49%.
Furthermore, the partnership will expedite the deployment of current hydrogen project pipelines and foster collaboration on hydrogen production assets. The JV’s initial asset will be the HySynergy project phase 1, a 20MW electrolyser plant in Denmark that is set to commence commercial operations in Q2 2023. Phase 2 of the project, which entails building three 100MW renewable hydrogen plants, secured €33.1m funding in late 2022 and will also be financed by the joint venture.