Everfuel signs €20M loan to develop green hydrogen in Denmark

EIB signs €20.7 million quasi-equity facility with Everfuel A/S, to support development of hydrogen production and distribution infrastructure for Danish public transport.

The European Investment Bank (EIB) has signed a €20.7 million loan agreement with Danish hydrogen innovator Everfuel, to scale up and commercialise hydrogen production for use as an alternative fuel for public and heavy-duty fuel cell vehicles.

Under this plan, Everfuel will put in place a distribution network, as well as refuelling and ancillary infrastructure in Denmark, to supply the gaseous hydrogen to fuel public transport buses and trucks.

Everfuel will use the offtake of hydrogen from existing chemical plants to power public transport in Denmark and aims to build its own electrolyser in Fredericia in the next two years.

By taking this first step in the hydrogen value chain, it is expected that the cost of using hydrogen as a fuel will come down, making it more economically attractive for operators to switch from fossil to green fuel, says a company’s press release.

The financing is supported under the Future Mobility product, backed by the Connecting Europe Facility (CEF) and the NER300 Programme of the European Commission.

The European Union has set the objective of deploying one million alternative fuel charging points by 2025, as established in the Sustainable and Smart Mobility Strategy and the European Green Deal.