FDE acquires Greenstat, a leading green energy operator in Norway

PARIS: FDE, a carbon negative energy producer listed on Euronext, announced today that it has completed the acquisition of a controlling stake in Greenstat ASA, a leading green energy operator based in Norway, with a strong focus on hydrogen and solar activities.

The acquisition, which was announced on January 16th 2024, aims to further strengthen FDE’s position as a leading European low-carbon energy production solutions provider.

Greenstat is a driving force in low carbon hydrogen in Norway, co-owning one of the first producing green hydrogen plants in the country at the Stord Hydrogen Pilot site. The company has also committed to develop two more H2 projects with the support of Enova, the Norwegian Ministry of Climate and Environment entity.

The first project, Hydrogen Hub Agder, involves the construction of a 20 MW H2 facility dedicated to supplying green H2 to the maritime industry, with production expected to start early 2026. The second project, Glomfjord, relates to the construction of a 20 MW H2 production site of green ammonia dedicated to a large fertiliser producer, with production expected to start during 2027.

These two projects, combined with the existing site already in production, make Greenstat’s H2 portfolio one of the largest H2 portfolio in Scandinavia.

Greenstat also has an attractive solar portfolio under development, with a first project of 45 MW already in operation since H2 2023, generating c. EUR 5.5 million of annual revenues. The remaining pipeline of solar projects to be developed throughout 2024 exceeds 50 MW, supported by Greenstat Solar Solutions, an in-house end-to-end engineering, procurement and construction (EPC) contractor.

The acquisition is a strategic move for FDE, which has been expanding into Norway since 2022 and further strengthens its portfolio of low carbon solutions, supporting the Group’s long-term growth strategy and driving shareholder value.

The transaction consideration amounts to c. EUR 15.5 million, consisting mainly of a EUR 13 million capital increase to finance the pipeline of projects, and providing FDE with a controlling stake in Greenstat of 56.35% of its share capital and voting rights.

The transaction has been entirely paid with existing cash, allowing FDE to maintain its strong funding capacity, alongside the current financing discussions, in order to pursue its various projects, including those of its new subsidiary, Greenstat. The next months will be used to restructure the company by reorganizing the team to deliver the future projects, while significantly reducing its SG&A costs.

This acquisition is fully aligned with FDE’s aim of driving sustainable and stronger growth, both through organic and external growth, and underpins the group’s mid-term strategic objectives.

FDE to acquire Greenstat ASA in a €41.9 million deal

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