“This is a big step for GreenH. We are now moving full speed ahead with the actual construction of the hydrogen facility on the site in Bodø. This is based on solid backing from Enova and internationally renowned investment managers, namely Luxcara and SWEN Capital Partners, as well as long-time Norwegian financial backers in Infranordic, Lychegården, Brødrende London and Grieg New Energy. The facility will be the first of its kind in Northern Europe, and will have the capacity to deliver up to 8.5 tons of hydrogen every day,” says Morten Solberg Watle, CEO of GreenH.

“It is rewarding to see that the support from Enova so rapidly leads to the investment in an important hydrogen hub along the Norwegian cost for maritime vessels. This is an important first step for realizing the first functioning value chain for hydrogen as maritime fuel in Norway, hence paving the way for a zero emission maritim sector towards 2050,” says Sigmund Ø. Størset, senior advisor and head of Enova’s hydrogen program.

“The backing from Enova and both existing and new investors secured throughout 2024 is truly remarkable. The skills and funds now injected into our company truly stand out in the current Norwegian capital markets. We have secured support from investors who hold our projects to European and global standards,” says Christian Knoph, CFO of GreenH.

“The Bodø project embodies all the key elements needed for a successful green hydrogen project: a strong and committed joint team from Luxcara and GreenH, proximity to local demand like the ferry operator Torghatten Nord as well as access to cheap baseload renewable power. Having the potential to monetize residual heat and oxygen, provides an extra layer of value. It is pioneering undertakings like this that will define the first wave of successful green hydrogen projects.” says Halvor Nessen, Investment Manager at Luxcara.

“We are introduced to new hydrogen projects on a weekly basis, and GreenH stood out. Their projects are in another league when it comes to maturity, both on the technical side and the offtake side,” says Charlotte Virally, Investment Director of the SWEN CP’s Impact Fund.

“Hydrogen is a fuel of the future. However, we won’t see large-scale deployment of hydrogen until the technology has been developed and demonstrated several times. The Bodø facility will be a new and exciting chapter in the European green hydrogen market,” says Morten Solberg Watle.