Nel ASA subsidiary Everfuel has undergone a change in structure and is now a standalone company in its own right, Nel said today.
Everfuel will provide a complete offering of hydrogen fuel to heavy duty customers such as city buses.
As an owner/operator of electrolysers and fuelling stations, Everfuel will vertical integrate the hydrogen value chain to reduce the total cost for the end customer.
As an example, bus operators in Europe can now choose to purchase delivered, and ready to be dispensed, hydrogen molecules in the bus depot rather than handling this themselves.
With lower cost and less complexity, the target is to accelerate the development of hydrogen’s competitiveness against fossil-based fuels.
Everfuel will be managed by Jacob Krogsgaard, and experienced team members will be added to support the development.
“We are happy that Jacob has decided to further develop Everfuel to become a stand-alone, vertically integrated hydrogen retail company,” said Jon André Løkke, Nel’s CEO.
“With Jacob’s experience from heading up the activities in Herning, and formerly responsible for Nel Solutions, we will have a partner that is very knowledgeable about Nel’s technologies and the overall market, this will increase the likelihood of success.”
As a part of the agreement, Everfuel has signed a long-term exclusive contract with Nel for delivery of H2Stations and electrolysers with a potential value up to €100m.
An expected equity of €8m is needed to finance Everfuel first activities in the CEF funded H2BusEurope project.
Nel ASA will invest 20%, while E.F. Holding, controlled by Jacob Krogsgaard will invest 80%.