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HYDS enters as new owner in HyFuel in Florø

24. jun. 2024

Hydrogen Solutions AS (HYDS) has acquired a 33 percent stake in HyFuel AS. An investment decision of a 20MW green hydrogen production plant is planned in Q1 2025 together with the existing owners, Fjord Base Holding and Sogn og Fjordane Energi (SFE). GASNOR has divested its share, but will continue collaborating with Hyfuel as a strategic partner within sales and distribution.

Strategic maritime position

Over the past few years, HyFuel has developed a green hydrogen production project at Fjord Base in Florø. This initiative aligns with the authorities' efforts to achieve climate targets for the maritime sector. HYDS appreciates the opportunity and recognition of being invited into this strategic project and look forward to collaborating with project partners, suppliers, and regional hydrogen end-users.


Florø, being a major maritime hub with over 5,000 annual ship calls, makes Fjord Base an ideal location for the local production of hydrogen-based fuels and offers cost-efficient bunkering for ships. As part of the project partners' sustainability strategies, HyFuel will contribute to local industrial symbiosis and circular economy by offering its by-products, oxygen and heat, to the onshore aquaculture project located at Fjord Base.


The HyFuel hydrogen production plant will have an electrolyser capacity of 20 MW. Project development will continue with the aim of participating in the ENOVA program "Hydrogen Production for Maritime Transport 2027." HyFuels target is to reach an investment decision by Q1 2025, with construction scheduled for 2026 and commercial production starting in 2027.


A partnership destined for success

HyFuel has built extensive knowledge of hydrogen-based fuels, production, market dynamics, and customer needs. HYDS has entered the project as a key partner, leveraging substantial project management and operational experience from its portfolio of hydrogen production plants. GASNOR has divested its share in the HyFuel hydrogen production plant, prioritising its role in the hydrogen value chain within sales and distribution, and will continue collaborating with HyFuel.

 

“This acquisition offers numerous advantages. Combining our expertise in developing, building, and operating hydrogen production plants with the existing knowledge in HyFuel will create a robust and effective team. We are eager to collaborate with the current owners on this project. Our mutual commitment to safety and dedication to decarbonisation strengthens our partnership, and the cooperation underscores the confidence that several influential entities have in the green hydrogen market”, says Thor Henrik W. Hagen, CEO of HYDS

 

Anders Rød, CEO of Gasnor made the following statement:

 

“Together with our project partners SFE and Fjordbase, Gasnor is proud to have been involved in developing a great project at Fjord Base over the past few years. While we have made the strategic decision to divest our share in the hydrogen production plant, we will continue to support HyFuel as a strategic partner in sales and distribution. This collaboration aligns with our commitment to sustainable energy solutions and advancing the maritime sector's climate goals. As part of the Molgas Group, we aim to expand our presence in Europe and in addition to LNG, lead the way in the development of biogas, hydrogen, and other alternative fuels." - Anders Rød, CEO of Gasnor”

 

“HYDS will significantly strengthen HyFuel, bring on their competence and experience on both constructing and operating commercial hydrogen production facilities. HyFuel now has a strong and committed ownership able to make hydrogen available at Fjord Base, which is important for reducing the climate footprint from the maritime sector”, says chairman in HyFuel Ole Schanke Eikum.  

 

About HYDS:

Hydrogen Solution AS (HYDS) was established in 2021 and is a fast-growing Norwegian hydrogen company. HYDS develops, builds, owns, and operates hydrogen plants, with the strategy to produce green hydrogen and hydrogen derivatives through scalable and local plants. The first plant at Stord opened in May 2023 and the second plant opened in February 2024 in Egersund.

 

About Gasnor:

Gasnor, owned by Molgas Energy Holding, has developed Norway's leading small-scale LNG platform over the past 30 years. Gasnor provides LNG bunkering services, energy gas for off-grid industrial solutions, and pipeline gas to large industrial and private customers. Our assets include three liquefaction plants, a fleet of trucks, two chartered bunkering vessels, regasification units, and a 140km gas pipeline. Gasnor’s diversified customer base includes major industrial and shipping companies, as well as leading ferry operators. The Molgas group is expanding across Europe, and aims to be the leader in small scale LNG, and sustainable energy solutions such as biogas, hydrogen and other alternative fuels.

 

About HyFuel:

HyFuel was founded in 2020 and aim to to establish hydrogen production at Fjord Base in Florø, Kinn municipality. The company will develop, own, and operate facilities for the production of green hydrogen, as well as manage the delivery and utilisation of by-products such as oxygen and heat. HyFuel will supply green hydrogen to the maritime industry, mobility sectors, and other industries in the region.



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