Press releases

Frankfurt am Main, 17.01.2024

Norsk e-Fuel today announced major partnership milestones by closing significant agreements on offtake and investment. Two international airlines – Norwegian Air Shuttle and Cargolux Airlines International S.A. have committed to purchase fossil free aviation fuel, made out of green hydrogen and CO2. Norwegian will in addition join Norsk e-Fuel’s shareholder group, which will as of now be led by the existing shareholder and renowned engineering, procurement, and construction company Paul Wurth, a subsidiary of SMS group. Capcora, a German consulting company, provided strategic advisory services to Norsk e-Fuel.

E-Fuel project developer Norsk e-Fuel has signed several landmark agreements. By securing long-term offtake agreements with Norwegian and Cargolux in addition to strengthening the shareholder group around Paul Wurth, the company is moving ahead with large steps. Norsk e-Fuel is starting the industrialization of e-Fuel production in Mosjøen, Norway and will start to provide e-Fuels to the aviation industry after 2026. Backed by a strong shareholder and partner network, the company looks to increasing production with two additional plants by 2030.

“We have ambitious plans to ramp-up e-Fuel production as soon as possible to deliver fossil-free fuels to the aviation industry. The commitment of our new partners Cargolux and Norwegian and the reaffirmed support of the founding member and shareholder Paul Wurth are not only a sign of trust into our mission, our business concept and our team. They also show the understanding of the critical role of e-Fuels in shaping a future for aviation that is free from fossil fuels—both in Norway and across Europe.”, says Karl Hauptmeier, CEO of Norsk e-Fuel.

Reflecting a shared vision for a more sustainable future of aviation, the passenger airline Norwegian and the cargo airline Cargolux have committed to the offtake of e-SAF (Sustainable Aviation Fuel). The total volume of the offtake agreements covers more than 140.000 tons of fuel supply. In addition, the two companies will provide strategic support for the development of two additional production facilities by 2030.

Henning Prigge, Director at Capcora comments, “We are delighted to have provided strategic advisory to Norsk e-Fuel in structuring the offtake and investment agreements. The offtake agreement is crucial for the project's route to bankability, serving as a foundation to secure approximately €400 million in equity and debt in the months ahead and next year.”

About Norsk e-Fuel:

Norsk e-Fuel was founded in 2019 to drive the transition to renewable aviation by establishing the industrial production of sustainable fuels based on CO2 and water.

Supported by strategic investors and carefully selected partners, Norsk e-Fuel is set to bring Power-to-Liquid production to industrial scale. As project developer, Norsk e-Fuel is establishing large-scale production sites to deliver synthetic fuels to the aviation industry. The company is determined to develop a new value-chain for sustainable fuels, starting with a first production facility to be located in Mosjøen, Norway. www.norsk-e-fuel.com

About Capcora:

Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.