GreenH and Luxcara make investment decision for hydrogen project in Bodø backed by financing package of NOK 1 billion

GreenH and Luxcara make investment decision for hydrogen project in Bodø backed by financing package of NOK 1 billion

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.

“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.

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).

Sigmund Ø. Størset, senior advisor and head of Enova’s hydrogen program, says :

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,”

Christian Knoph, CFO of GreenH, says:

The backing from Enova and both existing and new investors secured throughout 2024 is truly remarkable.

“The skills and funds now injected into our company truly stand out in the current Norwegian capital markets. We have secured support from investors who hold our projects to European and global standards,”

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.

Halvor Nessen, Investment Manager at Luxcara, says :

The Bodø project embodies all the key elements needed for a successful green hydrogen project: a strong and committed joint team from Luxcara and GreenH, proximity to local demand like the ferry operator Torghatten Nord as well as access to cheap baseload renewable power.

“Having the potential to monetize residual heat and oxygen provides an extra layer of value. It is pioneering undertakings like this that will define the first wave of successful green hydrogen projects.”

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. 

Charlotte Virally, Investment Director of the SWEN CP’s Impact Fund, says :

We are introduced to new hydrogen projects on a weekly basis, and GreenH stood out. Their projects are in another league when it comes to maturity, both on the technical side and the offtake side,

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. 

Morten Solberg Watle, says :

Hydrogen is a fuel of the future. However, we won’t see large-scale deployment of hydrogen until the technology has been developed and demonstrated several times. The Bodø facility will be a new and exciting chapter in the European green hydrogen market,

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GreenH and Luxcara make investment decision for hydrogen project in Bodø backed by financing package of NOK 1 billion, source

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