Nel ASA has agreed to sell all its shares in Everfuel. A total of 11,698,918 shares will be sold for a total price of NOK 116.6 million (approx. EUR 9.9 million), representing 13.56 per cent of the outstanding Everfuel shares.
The block buyer of the shares is HyVC ApS. This is a company owned by ITOCHU, the Japan-based global trading and investment company, and the London-based subsidiary of Osaka Gas, a major Japanese gas supplier and international energy company.
Nel has recognised the investment in Everfuel as a current financial asset and expects to book a gain of NOK 23 million (approximately EUR 2 million) related to the transaction in the fourth quarter of 2023.
“Nel is in a build-up phase streamlining the company and focusing all resources on our own growth. We are therefore divesting non-strategic financial positions. With this sale we no longer own any equity listed instruments,” says Nel CFO Kjell Christian Bjørnsen.
Everfuel was spun off from Nel in 2020 and has since been an important customer for Nel’s Electrolysers and Refuelling divisions.
“With this transaction, Everfuel will get a solid, long-term industrial cornerstone investor. Nel has been with Everfuel from the beginning, and while we are no longer shareholders, we look forward to a close relationship with the company,” Bjørnsen continues.
Everfuel, ITOCHU and Osaka Gas intend to use their combined expertise and resources to develop and commercialise green hydrogen, initially targeting Germany, Benelux and the Nordic countries and expanding into new markets over time. Everfuel aims to make green hydrogen commercially available for zero-emission industrial activities and mobility across Europe, focussing on the development of large-scale electrolysers and profitable mobility solutions for heavy-duty transport.