Funding of €7m from Nefco (Norwegian Green Bank) to Norwegian Hydrogen is intended to help increase the production of green hydrogen in the Nordic region.
Nefco has entered into a loan agreement with Norwegian Hydrogen to support the company’s further growth in the Nordic market. Norwegian Hydrogen produces green hydrogen using renewable energy, mainly hydropower and wind power. The loan will facilitate increased use of green hydrogen in sectors including maritime, where electrification alone is not sufficient.
The financing from Nefco is part of a larger capital package that includes equity from the company’s owners. Overall, this gives Norwegian Hydrogen increased room for manoeuvre to carry out planned investments in hydrogen production.
Jens Berge, CEO of Norwegian Hydrogen. said: “The support from Nefco is crucial for us to scale up our business and deliver green hydrogen where the need is greatest. Together, we contribute to making zero-emission solutions available to industry and local communities throughout the Nordic region.”
Green hydrogen, produced with renewable energy, is expected to play an important role in the restructuring of sectors where emission cuts are particularly demanding such as maritime transport. Norwegian Hydrogen works for high resource efficiency through the utilisation of by-products such as oxygen and surplus heat. The company operates in line with strict requirements for the environment, social responsibility and corporate governance.
Anne Mette Guerrero, Investment Advisor, Nefco, said: “The investment is made based on Norwegian Hydrogen’s documented climate impact. The company delivers scalable solutions that contribute to significant emission cuts in hard-to-decarbonise sectors. This collaboration shows how targeted financing can help accelerate the green transition.”
The loan from Nefco will contribute to the realisation of several key projects that strengthen the Nordic hydrogen infrastructure and trigger further private and public investments. Part of the funds will go to the development of a factory for the production of liquid hydrogen in Rjukan. The project has recently received commitments of €31.5m from the EU’s Innovation Fund, €13.2m from the EU Hydrogen Bank and NOK 100m from Innovation Norway.
The projects that are receiving funding from Nefco are in line with both Nordic climate goals and the EU’s sustainability ambitions, with the aim of contributing to the green transition. Existing and planned plants are expected to reduce CO₂ emissions by more than 40,000t annually. The effect will increase as new plants are put into operation.
Image: Jens Berge, CEO, Norwegian Hydrogen (credit: Kristin Stoylen / Norwegian Hydrogen)
