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Norwegian company GreenH has reached a final investment decision (FID) to develop its green hydrogen facility in Bodø, securing a financing package of NOK 1 billion (approximately $89 million). The facility will supply hydrogen to the Vestfjorden ferry connection, operated by Torghatten Nord, marking a significant step toward decarbonizing Norway’s maritime sector.
The FID was announced on January 27, 2025, following over four years of development. The facility, set to begin operations in 2026, will be the first in Northern Europe capable of delivering up to 8.5 tons of hydrogen per day. In its initial phase, it will feature a 20 MW electrolyzer with an annual production capacity of up to 3,100 tons of green hydrogen. Notably, it will be the first facility to supply pressurized green hydrogen directly to a maritime vessel.
Paris-based SWEN Capital Partners, through its SWEN Impact Fund for Transition 2 (SWIFT 2), and Hamburg-based asset manager Luxcara have invested in GreenH via private placements, loan arrangements, and share purchases. Their financial backing, along with contributions from Norwegian investors such as Infranordic, Lychegården, Brødrene London, and Grieg New Energy, has played a crucial role in moving the project forward.
In November 2024, Enova granted NOK 129 million (approximately $11.5 million) to the facility, a contribution formally accepted in December 2024. According to GreenH, this funding was a key enabler for reaching FID.
“This is a big step for GreenH. We are now moving full speed ahead with the actual construction of the hydrogen facility in Bodø,” said Morten Solberg Watle, CEO of GreenH. “This is based on solid backing from Enova and internationally renowned investment managers, as well as long-time Norwegian financial backers.”
Sigmund Ø. Størset, Senior Advisor and Head of Enova’s Hydrogen Program, highlighted the project’s significance: “It is rewarding to see that the support from Enova so rapidly leads to the investment in an important hydrogen hub along the Norwegian coast. This is an important first step in realizing the first functioning value chain for hydrogen as a maritime fuel in Norway, paving the way for a zero-emission maritime sector by 2050.”
News Source- https://greenh.no/en/greenh-and-luxcara-make-investment-decision/
