FDE Set to Acquire a Controlling Stake in Greenstat ASA in Norway

Regulatory News:

FDE (Euronext: FDE - ISIN: FR0013030152), a carbon negative energy producer, has agreed to acquire a controlling stake in Greenstat ASA, a leading green energy operator based in Norway, with a strong focus on hydrogen and solar activities, to further strengthen the Group's position as a leading European low-carbon energy production solutions provider.

A strong project development platform in Norway and beyond

Greenstat, a Bergen-based renewable energy developer, has been scaled-up under the leadership of Chairman, Bernt Skeie, and CEO, Vegard Frihammer since 2015. In 2023, the company already achieved revenues of c. € 6.2 million¹.

Thanks to its experienced team of renewable energy professionals, Greenstat develops, owns and selectively operates renewable energy infrastructures to drive the green energy transition. The company’s strategy, focusing on the development of projects with the best available technology and strong local anchoring, is an excellent match with FDE’s culture and portfolio of assets.

Since inception, Greenstat has developed a diversified and attractive portfolio, mainly within hydrogen and solar, with c. 450 MW in gross capacity. Major projects will be shortly entering construction phase and will benefit from FDE’s excellent track record in building and operating green energy production sites.

An attractive and mature hydrogen and solar portfolio under development

Greenstat is already a leading player in hydrogen, producing green hydrogen at the Stord Hydrogen pilot plant in Norway. The company is also the lead partner in 3 of the 5 maritime H2 projects in Norway selected by Enova, the Norwegian Ministry of Climate and Environment entity focused on promoting a shift towards more environmental-friendly energy and climate technology. Enova awarded a total of c. € 40 million² funding for Greenstat to develop the 3 projects with an electrolyzer capacity of 20 MW each. Construction is planned to start in 2024.

In addition, Greenstat is a solar photovoltaic producer with a 49% stake in a first 45 MW plant already in operation and a pipeline of over 50 MW solar projects to be developed throughout 2024.

Building an independent leader in hydrogen and low carbon energy

The addition of Greenstat to FDE’s existing portfolio will further strengthen the Group’s position as a key low-carbon multi-energy producer in Europe, providing all key energies for a sustainable future: green gas, green power, decarbonated H2 and B io-CO₂, in particular in Norway, where FDE accelerated its development of Liquefied Biogas (LBG) and Bio-CO₂ plants through its subsidiary Biogy Solutions AS.