Green Hydrogen Production – Everfuel enters strategic collaboration with ITOCHU and Osaka Gas.
Everfuel A/S is pleased to announce that the company has entered into a strategic collaboration with HyVC ApS (“the Japanese consortium”), a joint venture between ITOCHU Corporation and Osaka Gas Co., Ltd., with the ambition of accelerating development of green hydrogen production and sharing of related technology, know-how and best-practices. The agreement includes a commitment by the Japanese consortium to support a potential future Everfuel equity financing, subject to certain conditions.
Earlier today, NEL ASA announced that the Japanese consortium has agreed to the acquisition of 13.56% of the shares outstanding in Everfuel from NEL ASA to become the second largest shareholder in Everfuel. HyVC is owned by ITOCHU, the Japan-based global trading and investment company, and by Osaka Gas (through its London based subsidiary), a major Japanese gas provider and international energy company. Everfuel, ITOCHU and Osaka Gas plan to leverage their combined competencies and resources to develop and commercialise green hydrogen, initially targeting the German, Benelux and the Nordic countries, and over time expanding into new markets.
Everfuel’s ambition is to make green hydrogen for zero emission industrial activity and mobility commercially available across Europe, prioritising the development of large-scale electrolysers and profitable mobility solutions for heavy-duty transport.
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Jacob Krogsgaard, the founder and CEO of Everfuel, said:
We look forward to collaborating closely with ITOCHU and Osaka Gas on commercialising green hydrogen at scale in Europe.
“They bring a wealth of experience within development of complex energy and process facilities as well as deep understanding of energy markets which is highly complementary to our business. Their investment in Everfuel and commitment to support future long-term growth is a validation of our strategy and reflects a strong shared ambition of decarbonising industry and transport,”
Jun Inomata, Executive Officer, ITOCHU (Chief Operating Officer, Metal & Mineral Resources Division), said:
Everfuel has in a short space of time become a leader within the European green hydrogen market supported by dedicated long-term owners, an experienced management team and a competent organisation.
“They have a strong platform for business development, project execution and operations covering the entire green hydrogen value chain, which we will further expand into wider markets by leveraging our global connection with various customers who need to decarbonise with hydrogen and its derivatives. We look forward to supporting the execution of Everfuel’s growth strategy over the coming years as a significant and active shareholder,”
Keiji Takemori, Senior Executive Officer, Head of Energy Resources & International Business Unit of Osaka Gas, said:
We are thrilled to be joining Everfuel’s green hydrogen project alongside ITOCHU as involved shareholders.
“We recognize Everfuel’s position as a leading company in the green hydrogen space in Europe, with a team of seasoned professionals and advanced technological capabilities. We believe that our expertise accumulated through the gas supply and hydrogen-related businesses can create new synergies and enhance Everfuel’s business value. Our participation in this project will also contribute to developing the green hydrogen market and decarbonizing Europe, in line with our commitment to carbon neutrality as set out in the Carbon Neutral Vision and Energy Transition 2030.”
E.F. Holding Aps, Everfuel’s largest shareholder controlled by Jacob Krogsgaard, has agreed to support the nomination of a representative of the Japanese consortium to the Everfuel Board of Directors. The strategic collaboration and Board nomination is subject to certain conditions precedents, including the formal approval by Danish Authorities of the JV’s acquisition of the Everfuel shares from Nel.
Conditions precedents for the initial contribution to future Everfuel equity financing include inter alia commercial commissioning of HySynergy 1. The consortium may participate as a cornerstone investor in one or more private placements in Everfuel A/S in the coming 36 months, contributing a total of up to EUR 20 million as initial funding on the same terms and conditions as other investors.
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Green Hydrogen Production – Everfuel enters strategic collaboration with ITOCHU and Osaka Gas. source
