Everfuel, the Oslo-traded green hydrogen producer, raised $71 million (600 million krone) in a private placement as it capitalizes on interest in the clean-burning fuel.
The money will be used to scale up business in a rapidly growing industry, according to a release from Everfuel. Those plans include research, development and EUR 300 million in planned equity investments as the company works towards EUR 1.5 billion CAPEX before 2030.
The moment is certainly right. Green hydrogen production and transport solutions have been integrated into the European Union’s push to battle global warming by replacing fossil fuels. And interest in hydrogen goes beyond the EU. Shares in companies involved in the industry have soared over the past year as a result of state-level interest in clean burning fuels.
U.S.-based Plug Power raised $1.5 billion from a new shareholder earlier this month as part of Asian expansion in hydrogen transport. The investment, along with a separate partnership agreement with Renault in Europe, has pushed Plug’s market capitalization to an astonishing $30 billion. Meanwhile, ITM Power – which makes the electrolysers that produce hydrogen – has signed on giants Linde and Snam as shareholders and partners, raising more than $225 million in the process.
Earlier this year, Everfuel raised $31 million in a private placement that included investors such as Saga Tankers, Luxor Capital Group and BankInvest. With its latest placement, Everfuel continues to be a company to watch in the booming green hydrogen sector, which looks like it will get even bigger.