With a financing package of NOK 1 billion (around $89 million) in place, Norwegian company GreenH has reached a final investment decision (FID) to develop its green hydrogen facility in Bodø that will supply hydrogen to Vestfjorden ferry connection operated by Torghatten Nord.
The FID was revealed on January 27, 2025, bringing GreenH a step closer to the construction of the hydrogen project which has been developed for over four years.
In November 2024, Enova awarded NOK 129 million (approximately $11.5 million) to the hydrogen facility at Langstranda in Bodø, which was formally accepted in December 2024.
According to GreenH, this funding was a key enabler for the project to reach FID.
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 GreenH, securing the company and its subsidiary GreenH Bodø AS approximately $89 million through private placements, loan arrangements, and a share purchase.
“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,” said Morten Solberg Watle , CEO of GreenH.
Sigmund Ø. Størset , Senior Advisor and Head of Enova’s Hydrogen Program, commented: “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.”
As disclosed, in the first phase, the Bodø facility will have an electrolyzer capacity of 20 MW and an annual hydrogen production capacity of up to 3,100 tons of green hydrogen.
The produced hydrogen will be delivered to the Vestfjorden ferry connection operated by Torghatten Nord, with a 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.
Two hydrogen-powered ferries to be bunkered from the Bodø facility will be built by Norwegian shipyard Myklebust Verft.
Designed by The Norwegian Ship Design Company, these “world’s largest” hydrogen-powered ships are scheduled for delivery in 2026.
The newbuilds will boast 117 meters in length with a 120-car capacity, operating on green hydrogen at least 85% of the time.
Operating at an average speed of 17 knots in often challenging conditions, the vessels will navigate the 278km-long Vestfjordstrekninga ferry route connecting Bodø, the islands of Røst and Værøy, and Moskenes.
A hydrogen storage unit onboard the vessel will feed gas to the fuel cells, creating electricity to propel the vessels and power their auxiliary systems, reducing CO2 emissions on the route by around 26,500 tons each year.