DG Fuels on track to Final Investment Decision with HydrogenPro as pre-selected supplier
HydrogenPro's collaborative partner, DG Fuels, announced on Tuesday, 25 July, that their sustainable aviation fuel project (SAF) has been fully financed throughout FEL3, with two Japanese companies and an undisclosed investor securing the funding. HydrogenPro has been contracted as the supplier of electrolyzers for the project in a potential 500 million USD deal, excluding life cycle services.
The minimum investment-goal to cover the remaining FEED study expenses has now been secured, and the next step following the completion of the FEED study is a final investment decision, expected to be made early in 2024. The Louisiana facility is expected to serve as a blueprint for several other plants to be constructed across North America. The project has already secured one hundred percent capacity.
Compared to conventional fuel, the use of SAF can reduce emissions by an average of 80% and is considered more energy-efficient, providing airlines with operational advantages in addition to environmental benefits.
"SAF will play a crucial role in decarbonizing the aviation industry, especially as it can be blended with conventional fuel today without airlines needing to make significant investments in engines or fuel tanks. We look forward to delivering the green hydrogen technology that will drive the transformation in the aviation sector and to continuing our collaboration with DG Fuels," says Tarjei Johansen, CEO of HydrogenPro.
For additional information, please contact:
Martin Thanem Holtet, Chief Financial Officer
Email: martin@hydrogen-pro.com
Phone: +47 922 44 902
Ida Eilertsen Nygård, Head of Investor Relations and ESG
Email: ida@hydrogen-pro.com
Phone: +47 986 11 952
About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen technology & systems. The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.