Everfuel, a Danish company that develops hydrogen as fuel for transport from renewable energy sources, raised NOK 290 million ($31 million) in a private placement, according to a statement from the company.
The company has placed 13.2 million new shares at NOK 22 per share, with the main investors named as Saga Tankers, Luxor Capital Group and BankInvest.
“We are truly excited by the positive response from investors who support our vision of zero emission mobility across Europe fueled by green hydrogen,” said founder and CEO of Everfuel Jacob Krogsgaard.
The net proceeds will be used to expand the company’s activities in Norway, Sweden, Denmark, Germany, the Netherlands and Belgium, as well as to finance equity investments and working capital for ongoing and new projects, R&D and technical development.
Everfuel projects include supporting clean-burning hydrogen as a fuel for emission-free city buses in Denmark and other Northern European countries. The company also participates in pilot projects in hydrogen produced by wind power, in Copenhagen for instance, as the European Union seeks to expand hydrogen development to reach its carbon-neutrality goals.
E.F Holding, owned by Krogsgaard and members of the executive management, will own approximately 68% of the company following the placement. Everfuel has also applied for admission of its shares to trading on the Merkur market of the Oslo stock exchange. It expects the first day of trading to be October 29, 2020.