Everfuel, Nel to jointly develop hydrogen retail market in Norway

Everfuel will take a majority stake in Nel’s subsidiary H2Fuel. Newly renamed Everfuel Norway Retail will develop hydrogen fueling stations in the country.

Everfuel A/S and Nel Hydrogen have agreed to jointly develop the hydrogen fuel market for retail and trucking customers in Norway. The companies have signed a Memory of Understanding whereby Everfuel will invest in Nel’s wholly owned subsidiary H2FuelNorway AS (H2Fuel), which will be renamed Everfuel Norway Retail AS. The parties plan to execute the final agreement in December 2020.

Everfuel targets an investment of NOK 26 million (€2.5m) in the company and become the majority shareholder with 51% ownership. Everfuel Norway Retail’s strategy will be to leverage the combined resources to build, own and operate hydrogen fueling stations in Norway, starting in Oslo.

Everfuel may over time increase its investments in the company and buy-out Nel at a predefined price. A final agreement is subject to a completed due diligence. The transaction and creation of Everfuel Norway Retail is expected to be completed in December 2020.

Everfuel recently announced its entry into the Norwegian market with the acquisition of H2CO, which has two hydrogen fueling stations and hydrogen distribution assets in the country. Together with its investment in H2Fuel, the two transactions would “make Everfuel the major hydrogen retail company in Norway”, says CEO and founder of Everfuel, Jacob Krogsgaard.

H2Fuel was previously known under the name Uno-X Hydrogen AS. The company has worked to develop the Norwegian hydrogen market for land transportation.