Danish hydrogen fuel company Everfuel A/S (OSE:EFUEL) has announced its decision to withdraw from the Hydrogen Hub Agde project in Kristiansand, Norway. In a strategic move, Everfuel will transfer its stake to partner Greenstat AS, granting Greenstat full ownership of the project.
The Hydrogen Hub Agde initiative involves the construction of a 20-megawatt (MW) electrolyser at the Elkem Fiskaa industrial compound near the harbor, with a primary objective of supplying renewable fuel to the shipping industry. In 2022, the project secured a NOK 148 million (USD 14.0 million/EUR 13.0 million) grant from the Norwegian government enterprise Enova.
As per the terms of the deal, Everfuel will be entitled to potential milestone-based payments in the future, contingent upon the project's progression and the achievement of a final investment decision (FID), according to a statement released on Thursday.
Everfuel's CEO, Jacob Krogsgaard, remarked, “This transaction is in line with our realigned strategy with a focus on phased development of large-scale electrolysers in Denmark to meet the demand for green hydrogen from large industrial users in Germany and continental Europe.” The move reflects Everfuel's strategic shift and concentration on the phased deployment of significant electrolyser projects in Denmark.