Nel ASA has agreed to sell all its shares in Danish green hydrogen producer Everfuel.
A total of 11,698,918 shares are sold for a total consideration of NOK 116.6m ($10.6m), equal to NOK 9.97 per share, according to a release from Nel.
HyVC ApS, a company owned by Japanese corporations Itochu Corporation and Osaka gas, is the block buyer of the shares.
Everfuel said the Japanese partners will support future equity financing rounds and invest in one or more of its private placements in the next 36 months with up to EUR 20m, with an initial contribution being the commissioning of Everfuel’s HySynergy phase 1 project.
“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,” said Kjell Christian Bjørnsen, CFO of Nel.
Everfuel was spun out of Nel in 2020 and has since then been a key client for both Nel’s Electrolyser and Fueling departments, Nel said in the release.
“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,” said Bjørnsen.
Closing of the transaction is contingent upon regulatory approvals.
Carnegie acted as financial advisor to Nel in connection with the transaction.
