Fu-Gen AG and Nordic Electrofuel AS reach an agreement for Fu-Gen to acquire 100% of the onshore and offshore wind development company Nordic Wind AS, a subsidiary of Nordic Electrofuel.
Nordic Wind was established by Nordic Electrofuel in 2017 to support its own electro fuel production development activities, and to secure power supply for its future production. Nordic Wind AS has a portfolio of initiated onshore and offshore wind development prospects. The acquisition signifies Fu-Gen’s entry into the Norwegian renewables market.
Fu-Gen, through Nordic Wind AS, and Nordic Electrofuel will continue to work together to combine their respective development expertise and key stakeholder connections to pursue the development of these prospects through to becoming operational assets.
The acquisition agreement includes future commercial options for Nordic Electrofuel, as well as options for co-ownership in the wind farms.
The cooperation of Fu-Gen and Nordic Electrofuel will accelerate the production of electricity from wind as well as the production of renewable fuels with high value creation in Norway.
About Nordic Electrofuel: Founded in 2015 with long experience in renewable generation, Nordic Electrofuel is taking advantage of the perfect conditions in Norway, with its large capacities of renewable electricity and favourable industrial sites. Using this experience, Nordic Electrofuel shall develop, build and operate several e-fuels plants across Northern Europe. This e-fuels will be converted mainly to transportation fuels, with a clear priority for renewable Jet fuel known as e-kerosene or e-SAF, other renewable products will be diesel and gasoline in addition to waxes. NEF has developed proprietary technology for parts of this process which enables the company a clear cost advantage.
About Fu-Gen: Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across Northern Europe. From its offices in Stockholm and Zurich, Fu-Gen leverages over a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.