Luxcara’s second hydrogen project: Luxcara and GreenH make final investment decision for one of Norway’s first large-scale green hydrogen projects

Luxcara, a leading independent German asset manager for clean energy infrastructure projects, is investing in one of Norway’s first large-scale green hydrogen projects. The Bodø Hydrogen Project, located at Langstranda in Bodø municipality, will in phase 1 have an electrolyzer capacity of 20 MW and an annual production capacity of up to 3,100 tons of green hydrogen. In phase 2 an additional 10 MW will potentially be installed totalling 30 MW of electrolyzer capacity and an annual production capacity of about 4,800 tons green hydrogen. The Bodø Hydrogen Project will thus make a significant contribution to Norway’s clean energy transition.

Luxcara and GreenH recently secured NOK 129 million (ca. EUR 11 million) in funding from Enova, a state enterprise owned by the Norwegian Ministry of Climate and Environment, for the Bodø project in December 2024 enabling them to now make the final investment decision. Preparatory work on site is already underway and COD is expected to be in 2026. The hydrogen will be delivered to the Vestfjorden ferry connection operated by Torghatten Nord, with a planned start of operation in 2026. The facility will be the first to supply pressurized green hydrogen directly from the facility to a maritime vessel.

Luxcara acquired a majority stake in the Bodø project company in early 2024. The Norwegian project developer, GreenH AS, will retain the minority stake. Luxcara and GreenH AS have already been successfully collaborating for over a year, complementing each other’s expertise in realizing large-scale clean infrastructure projects.

The Bodø Project is the second green hydrogen facility adding to Luxcara’s diverse clean energy transition portfolio. In 2023, Luxcara announced their majority involvement in the Hamburg Green Hydrogen Hub (HGHH) project in Germany. Together with their consortium partner Hamburger Energiewerke, the local municipal energy provider, Luxcara is building a 100 MW green hydrogen infrastructure on the site of the former Moorburg coal-fired power plant. The HGHH is a flagship project to decarbonize the harbor industry and is, like the Bodø Project, a testament to Luxcara’s profound dedication to the clean energy transition.

Halvor Nessen, Investment Manager at Luxcara, says: “The Bodø project embodies all the key elements needed for a successful green hydrogen project: a strong and committed joint team from Luxcara and GreenH, proximity to local demand like the ferry operator Torghatten Nord as well as access to cheap baseload renewable power. Having the potential to monetize residual heat and oxygen, provides an extra layer of value. It is pioneering undertakings like this that will define the first wave of successful green hydrogen projects.”

Morten Solberg Watle, CEO of GreenH says: “Hydrogen is the fuel of the future. We are now moving full speed ahead with the actual construction of the hydrogen facility on the site in Bodø. The facility will be the first of its kind in Northern Europe and thus mark an exciting new chapter in the European green hydrogen market.”

Photo: Rendering of the future project site (c) Bodø Green Hydrogen Project

About Luxcara

Luxcara is an independent asset manager offering equity and debt investment opportunities to international, institutional investors in the global clean energy infrastructure market. The Hamburg-based company acquires, structures, finances and operates clean infrastructure projects with a long-term, buy-build-operate approach for the clean energy transition. Luxcara’s longstanding focus on unsubsidized markets has made the company one of Europe’s most prominent investors in projects with long-term power purchase agreements. The company’s portfolio includes clean energy infrastructure across Europe. Its track record, dating back to 2009, makes Luxcara one of the continent’s most experienced asset managers for clean energy investments.

Follow us at www.luxcara.com or on www.linkedin.com/company/luxca... GreenH

GreenH was founded by Infranordic in 2019 and have headquarters in Oslo, Norway. The company’s vison is to “fuel the future”, by focusing on production of green hydrogen close to consumption. This strategy enables substantial cost- and first mover advantages. From the beginning, GreenH has been supported by privately owned Norwegian industrial and financial investors that share the vision of GreenH. GreenH is developing multiple green hydrogen projects across Norway, including projects located in Rogaland, Bodø, Kristiansund, Sandnessjøen and Tønsberg. Through its first 5 years, GreenH has gained a strong position in the Norwegian market and managed to secure partnerships and agreements with some of the first hydrogen offtakes in Norway.