HydrogenPro's partner, DG Fuels, securing 100% offtake on Louisiana project

News provided by

Nov 14, 2022, 03:57 ET

PORSGRUNN, Norway, Nov. 14, 2022 /PRNewswire/ -- Reference is made to the recent press release from DG Fuels regarding a long-term SAF and carbon credit offtake agreement with an undisclosed investment grade industrial buyer. With this agreement, combined with previously announced offtake agreements, DG Fuels has sold out 100% of the expected initial production of approximately 120 million gallons per year.

HydrogenPro will supply its green hydrogen technology with a capacity of at least 839 MW for DG Fuels' initial production plant in Louisiana, USA. At current market prices, total purchases under the initial five-year minimum term of this combined SAF and carbon credit purchase agreement exceeds USD 4 billion.

"DG Fuels securing an annual offtake of 120 million gallons is of great importance for HydrogenPro. We are the chosen supplier of electrolysis equipment to this enormous project, and we look forward to continuing playing an active role globally in decarbonising the future," says Richard Espeseth, interim CEO and founder of HydrogenPro.

Delivery of SAF and carbon credits under the agreement are expected to begin in late 2026 or early 2027. The use of SAF can reduce emissions by an average of 80% compared to conventional fuel and is considered more energy efficient. Hence, it provides airlines with operational advantages in addition to its environmental contributions.

About HydrogenPro:

HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen plants, all ISO 9001, ISO 45001 and ISO 14001 certified. 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.

For more information, please contact:

Martin Thanem Holtet
+ 47 922 44 902
[email protected]

SOURCE HydrogenPro AS