Greenstat Approves Investment Decision for the construction of the 20 MW Hydrogen Hub Agder at Fiskå in Kristiansand, Norway

Greenstat ASA, through its subsidiary Greenstat Hydrogen AS, has acquired all shares in Everfuel Greenstat Production 1, which has now been renamed Agder Hydrogen Hub AS. With La Française de l'Energie (FDE) as the new largest shareholder, Greenstat ASA has secured access to capital that enables the realization of hydrogen production at Fiskå in Kristiansand.

Hydrogen Hub Agder, is 100% owned by Greenstat and involves the construction of a 20 MW H2 facility dedicated to supplying green H2 to the maritime industry with production expected to start late 2026, while the second 40 MW phase will be launched in 2027. ENOVA will support the project costs through a project grant of up to NOK 148,000,000,  (13 M Euro) which represents more than 40% of the total planned investment. Greenstat has committed to Enova, the Norwegian Ministry of Climate and Environment entity focused on promoting a shift towards more environmental-friendly energy and climate technology, to move forward on the development of this H2 project.

The project is strategically located in relation to the growing market for hydrogen, and a long-term lease agreement with the project's strong partner Elkem has been signed. In 2023, the project received approval for the construction application from Kristiansand Municipality for a 20 MW hydrogen plant. Four other relevant permits, including the handling of materials on the hydrogen plant's site at Fiskå and the filling in of the sea to prepare for a new quay front to the east, were also obtained in 2023.

In the coming period, Agder Hydrogen Hub AS will finalize the detailed design of the facility and complete sales contracts for compressed hydrogen to maritime customers. The goal is to start construction of the facility in early fall 2024.

Once the facility is operational, it will be able to offer green hydrogen as a carbon-free maritime fuel for traffic along the Norwegian coast and throughout the North Sea basin. In addition to the maritime market, the production could also be used for zero-emission vehicles and construction machinery in the region. There is potential to expand the plant's capacity by an additional 40 MW as the market grows and power becomes available.