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GreenH and Luxcara make NOK 1 billion investment decision for hydrogen project in Bodø

The board of GreenH Bodø has made a final investment decision to develop a green hydrogen facility in Bodø. This follows the completion of a financing package totalling NOK 1 billion.

“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, Brødrene 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.

Over the past years, Paris-based SWEN Capital Partners (through its strategy SWEN Impact Fund for Transition 2 (SWIFT 2)) and Hamburg-based Asset Manager Luxcara, have entered into Green H, securing the company and its subsidiary GreenH Bodø AS approximately NOK 1 billion through private placements, loan arrangements, and a share purchase.

GreenH is an experienced green hydrogen developer with projects in Bodø, Kristiansund, Tønsberg, Sandnessjøen and Rogaland. GreenH has been developing the project in Bodø for over four years. In November 2024, Enova awarded NOK 391 million in funding to GreenH projects, including NOK 129 million to the hydrogen facility at Langstranda in Bodø, which was formally accepted in December. This funding was a key enabler for the Bodø project to reach Final Investment Decision (FID). 

“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 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 maritime sector towards 2050,” says Sigmund Ø. Størset, senior advisor and head of Enova’s hydrogen program.

SWEN Capital Partners have vast experience from developing renewable energy projects in Europe and North America and have approximately EUR 8.3 billion under management. 

The Bodø facility will, in phase 1, have an electrolyser capacity of  20MW and an annual hydrogen production capacity of up to 3,100t of green hydrogen. The produced hydrogen will be delivered to the Vestfjorden ferry connection operated by Torghatten Nord, with planned start of operation in 2026. The facility will be the first to supply pressurized green hydrogen directly from the facility to a maritime vessel. 

The backing from investors and Enova will finance the ongoing and further development of hydrogen projects. 

Image of GreenH

Press release https://tinyurl.com/y4scp6u4

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