Greenstat Has Raised 50 MNOK ($5.9M) for Green Hydrogen Investment

By December 29, 2020 2   min read  (360 words)

December 29, 2020 |

fuelcellsworks, GREENSTAT AS: Enters Into a Strategic Cooperation with Aker Clean Hydrogen

Through a series of issues, Greenstat has since June 2020 raised NOK 50 million for the company’s planned investments. One of the main areas is the establishment of hydrogen production based on local, renewable energy.

The last issue ended on December 10, where the company raised NOK 22.4 million from approximately 500 unique shareholders.

The largest single investment was NOK 1.7 million, while the average investment was approximately NOK 46,000. The minimum subscription in the issue was NOK 6,000. This means that Greenstat maintains its role as a national public company that also provides space for small savers. In the time ahead, they will also target larger strategic investors, at the same time as work is being done on a stock exchange listing in 2021.

Greenstat Team

During the year, Greenstat hired several new resources in hydrogen, and envisages recruiting a dozen new employees during 2021.

Greenstat is involved on the ownership side in several initiatives in Norway with the aim of hydrogen production based on renewable energy. The company has also received support from Innovation Norway to initiate a hydrogen investment in India. With an ever-increasing political focus on value creation in hydrogen, as well as opportunities related to the export of Norwegian hydrogen expertise and technology, Greenstat is very well positioned to take part in the expected growth. But infrastructure related to the production and distribution of hydrogen is capital-intensive and Greenstat will have to raise even more money in the coming years.

“Access to capital is absolutely essential when moving from planning to realizing major projects. Expected investments in projects where Greenstat is involved will be close to 1 billion in the period up to 2024.”, says general manager Vegard Frihammer.

Considering the response in the previous issues, it seems that Norwegian investors have faith in green hydrogen. This is uplifting in view of the great opportunities seen when the entire transport sector and heavy industry are to be decarbonised. This cannot be done without using hydrogen as an important part of the solution.

About Greenstat

Greenstat was established on 19 January 2015 as a subsidiary of Christian Michelsen Research (now NORCE). The company is headquartered in Bergen.

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