Nefco finances Norwegian Hydrogen’s expansion of green hydrogen production
Photo: Norwegian Hydrogen AS
Nefco has entered into a loan agreement with Norwegian Hydrogen AS to support the company’s continued growth in the Nordic market.
Norwegian Hydrogen produces green hydrogen using renewable energy, primarily hydropower and wind power. The loan is intended to facilitate increased use of hydrogen in heavy transport, the maritime sector, and industry - areas where electrification alone is not sufficient.
The financing from Nefco is part of a larger capital package that also includes equity from the company’s owners. Together, this gives Norwegian Hydrogen greater flexibility to carry out planned investments in hydrogen production.
The loan from Nefco will help realize several key projects that strengthen the Nordic hydrogen infrastructure and trigger additional private and public investments. Part of the funding will go toward the development of a liquid hydrogen plant in Rjukan.
The project has recently received commitments of:
31.5 million euros from the EU’s Innovation Fund,
13.2 million euros from the EU Hydrogen Bank, and
100 million Norwegian kroner from Innovation Norway.
About Nefco:
Nefco, also known as The Nordic Green Bank, is a financial institution dedicated to the international scale‑up of green Nordic companies. Since 1990, Nefco - owned by the five Nordic countries - has financed and implemented more than 1,600 projects in areas such as energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes.
About Norwegian Hydrogen:
Norwegian Hydrogen AS is developing an integrated network of production facilities and distribution solutions for green hydrogen across the Nordic region. The company’s solutions are designed to meet the future demand for zero‑emission energy in several industrial sectors. Norwegian Hydrogen is headquartered in Ålesund, with offices in Oslo, Stockholm, and Hirtshals.
Read the press release here.
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