Nordic Electrofuel Signs EUR 40 million Grant from EU to Build e-SAF Plant in Norway
Nordic Electrofuel AS (“NELF”), a first of a kind developer of technology to produce electric sustainable aviation fuel (“E-SAF”), announces that the Company has signed the EUR 40 million grant from the EU Innovation Fund (“EUIF”) pilot program to support the construction one of the world’s first commercial scale e-fuel production plants, which will be located at Herøya Industrial Park, Porsgrunn, Norway.
"The team here at Nordic Electrofuel is incredibly proud to have been awarded the maximum grant allowance within the EUIF Pilot program, in fierce competition with more than 200 companies from all over Europe”, says Gunnar Holen, CEO of Nordic Electrofuel. “The award confirms Nordic Electrofuel as the pioneer in the development of technology for producing e-fuels, which is the most important alternatives for decarbonization of the aviation industry. Furthermore, it is a tribute to our extraordinary team, which has worked relentlessly to establish a robust foundation and design for one of the world's first commercial scale production facilities of its kind.“
Scoring 82.5 out of 90, NELF ranks the highest scoring project in our category - A testimony to the technical design and maturity. The scoring is based on the five criteria that are used by the EU to compare and rank Energy Transition projects. The successful projects are then allocated funds, enabling EU to meet its decarbonization targets.
With the EU Innovation Fund Grant Award, Nordic Electrofuel is now targeting Financial Close in 2024 and currently contemplating an equity private placement of EUR 100 million. The private placement has received a wide interest with Global reach and are currently supported by a Japanese conglomerate, European Financial institutions, and existing shareholders.
The EU Innovation Fund Grant will be paid on the completion of specified project milestones, with the first instalment to be paid on Financial Close.
About EU Innovation Fund:
The EU’s Innovation Fund is one of the world’s largest funding opportunities for projects designed to reduce greenhouse gas emissions. The fund targets highly innovative technologies and large-scale, flagship initiatives that can bring more value to Europe in terms of transitioning to a low-carbon continent. Their press release about this can be found here.
About Nordic Electrofuel AS:
Nordic Electrofuel AS (NELF AS) business idea is to produce carbon-neutral e-fuel and wax, based on synthetic hydrocarbons using renewable energy, water and CO/CO₂. E-fuel provides the most cost-effective solution for decarbonising the aviation industry. The Company has carried out analysis of our e-fuel production which confirms a 99.9% Green House Gas emission avoidance compared to fossil-based fuel. Following commencement of the E-fuel pilot plant at Herøya, Nordic Electrofuel has a portfolio of subsequent plants with a roadmap to reach a capacity of one billion litres within a decade from now. To learn more about NELF, please visit www.nordicelectrofuel.no
Kontakter
Gunnar HolenCEO
Tel:952 55 835gunnar.holen@nordicelectrofuel.noTom Henrik SundbyCFO
Tel:+47 477 54 415Tom.Sundby@nordicelectrofuel.noLenker
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Nordic Electrofuel Awarded EUR 40 million Grant from EU to Build e-SAF Plant in Norway14.7.2023 13:12:20 CEST | Press release
Nordic Electrofuel AS (“NELF”), a first in kind developer of technology to produce sustainable aviation fuel (“SAF”), announces that the Company has been awarded a EUR 40 million grant from the EU Innovation Fund (“EUIF”) pilot program to support the construction of the worlds first production plant for e-fuels at commercial scale, which will be located at Herøya Industrial Park, Porsgrunn, Norway.
Another step forward on the European eSAF market: P2X-Europe and Nordic Electrofuel reach next milestone in collaboration for production of sustainable fuels in Scandinavia26.6.2023 13:06:25 CEST | Pressemelding
Nordic Electrofuel and P2X-Europe, have today signed a term sheet for long term supply of synthetic fuels, in particular targeting synthetic aviation fuel (eSAF). Nordic Electrofuel will produce synthetic crude in Norway, which P2X-Europe will take delivery of and upgrade to eSAF and other synthetic products. Initial production and supply volume is set at around 8,000 tonnes per annum with specific plans for a further scale-up of production thereafter. RefuelEu Aviation requires initial blending quota of renewable fuels as of 2025 and a specific quota for eSAF from 2030: this legal framework is a clear call for action – for the aviation as well as for future PtL producers and fuel suppliers.
Norsk energi-startup til verdenskjent billøp i Frankrike5.5.2022 08:00:00 CEST | Pressemelding
Norske Nordic Electrofuel er invitert til det historiske billøpet Grand Prix de Pau for å snakke om utslippsreduksjon og overgangsmuligheter i mobilitetsektoren. Det prestisjetunge billøpet i Sør-vest Frankrike har i år flere konkurrerende biler som benytter lavkarbonteknologier og flytende drivstoff. Nordic Electrofuel skal produsere syntetisk drivstoff og er invitert til Pau for å dele siste nytt om hvordan Norge kan bli verdensledende på produksjon av nullutslipps drivstoff.
Norsk energi-startup inngår storstilt avtale med solid tysk industriselskap18.1.2022 13:00:00 CET | Pressemelding
Norske Nordic Electrofuel skal i gang med produksjon av electrofuel i Porsgrunn. Nå har den norske start-upen signert en viktig avtale med det store, tyske industriselskapet P2X Europe, et joint venture-selskap mellom Mabanaft og H&R Group. Det tyske selskapet skal kjøpe kommersielle mengder drivstoff og voks, for å markedsføre det mot luftfarten, i tillegg kjemisk industri og prosessindustri. Dermed er en sentral brikke i distribusjonsleddet for utslippsnøytralt syntetisk drivstoff til bruk i luftfarten på plass.
Nordic Electrofuel og Eramet Norway inngår avtale om CO2 fra ovnsgass for nytt klimanøytralt grønt drivstoff26.10.2021 08:00:00 CEST | Pressemelding
Nordic Electrofuel og Eramet Norway Porsgrunn signerer avtale om leveranse av CO2 til Nordic Electrofuels nye produksjonsanlegg på Herøya. Avtalen sikrer at 25.000 tonn CO2 gjenbrukes framfor å bli sluppet ut i atmosfæren.
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