Nel ASA signs MoU with Everfuel to further develop H2 Fuel Norway

Source: press release, 25 November 2020

H2Station™ – compression and fast fuelling of hydrogen
H2Station™ – compression and fast fuelling of hydrogen (illustration: Nel ASA)

Nel ASA has entered into a Memorandum of Understanding (MoU) with Everfuel A/S, which, among other things, involves Everfuel taking a majority stake in H2 Fuel Norway AS (H2Fuel), a fully owned company of Nel, and changing the name to Everfuel Norway Retail AS.

“Becoming part of Everfuel’s activities in Norway is a natural next step for H2Fuel, and I look forward to continue leading the company’s efforts in developing the hydrogen retail market in Norway,” says Helge Skaarberg Holen, Managing Director of H2Fuel.

Everfuel targets an investment of NOK 26 million in H2Fuel, resulting in a 51% ownership share in the company. Everfuel Norway Retail’s strategy will be to combine the resources and build, own and operate hydrogen fuelling stations in Norway, starting in Oslo.

Final agreement is subject to a completed due diligence. The transaction and creation of Everfuel retail Norway is expected to be completed in December 2020.