ABG Sundal Collier (“ABGSC”) acted as financial advisor to Norwegian Hydrogen in connection with the investment from Fortescue

On Friday 27 October 2023, Norwegian Hydrogen announced that Fortescue, a global green energy, metals and technology company, has invested close to NOK 100 million in Norwegian Hydrogen. After the transaction, Fortescue will be the third largest shareholder in Norwegian Hydrogen with an ownership interest around 12.5 percent. Fortescue’s investment in Norwegian Hydrogen is an important step in helping to scale up the green hydrogen value chain. In parallel with the investment from Fortescue, Norwegian Hydrogen has also raised approximately NOK 50 million from current owners and a handful of new investors in its immediate network.
Norwegian Hydrogen was founded in early 2020 and is already building its first hydrogen plants at Hellesylt, at the entrance to the Geirangerfjord in Sunnmøre, and in Hjørring in Denmark. Earlier this year, the company also announced plans to establish one of the Nordic region’s largest factories for the production of green hydrogen in Ålesund. In March, Norwegian Hydrogen also established the subsidiary Vireon, which has received Enova support for the construction of hydrogen refuelling stations for heavy duty vehicles. Norwegian Hydrogen is preparing to raise more capital as part of the next steps of its overall corporate development strategy.
ABGSC acted as financial advisor to Norwegian Hydrogen in the transaction.