Everfuel to fund Nordic hydrogen JV with EUR-30m share issue

Danish green hydrogen promoter Everfuel A/S (FRA:0HR) will launch a share offering that could provide it with up to EUR 30 million (USD 31.8m) to invest in a new joint venture with a Hy24-managed fund.

Everfuel said on Thursday it will seek to raise between EUR 20 million and EUR 30 million gross through the proposed private placement of new stock. Part of the proceeds will go to cover the company’s commitment to invest in the partnership with Hy24 Clean H2 Infra Fund, which will aim to deploy up to 1 GW of green hydrogen production capacity in the Nordics.

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As announced last month, the JV will invest EUR 200 million in equity in green hydrogen infrastructure in Denmark, Norway, Sweden and Finland.

In addition to the Hy24 venture, funds from the proposed deal will support a 20-MW electrolyser project in Norway’s Adger County so as to take a final investment decision during the summer. Part of the capital will be spent on the 100-MW second phase of the HySynergy scheme in Denmark. Funds will also be allocated for research and development (R&A) and general corporate needs, Everfuel said.

Hy24 Clean H2 Infra Fund will subscribe for EUR 10 million worth of shares, while BNP Paribas Asset Management Energy Transition Fund has pre-committed to buy stock worth EUR 2 million.

Nordea Bank Abp and Sparebank 1 Markets AS will manage the share placement. The deal will be settled on or about March 14.

(EUR 1.0 = USD 1.059)