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Norsk e-Fuel closes milestone agreements securing new investment, offtake deals

From left, Georges Rassel, Norsk e-Fuel chairman; Geir Karlsen, Norwegian CEO; Karl Hauptmeier, Norsk e-Fuel CEO; Damien Crochu, Cargolux corporate-finance director; Lars Bjørn Larsen, Norsk e-Fuel chief commercial officer (Photo: Norsk e-Fuel)

Norsk e-Fuel announced Jan. 17 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.

 

In addition, Norwegian will 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. 

 

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 eFuel production in Mosjøen, Norway, and will start to provide eFuels 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 eFuel production as soon as possible to deliver fossil-free fuels to the aviation industry,” said Karl Hauptmeier, CEO of Norsk e-Fuel. “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 eFuels in shaping a future for aviation that is free from fossil fuels—both in Norway and across Europe.”

 

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 eSAF (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.

 

“Cargolux is proud to join the Norsk e-Fuel project,” said Richard Forson, president and CEO of Cargolux. “eFuel will be a major pillar to achieve net-zero carbon emissions by 2050 in aviation. eFuels are based on abundant feedstock such as carbon dioxide and when produced with green electricity, this project will provide one of the highest greenhouse-gas savings compared to conventional jet fuel. We look forward to offering our customers the option to have the ability to voluntarily enhance their sustainability initiatives through the use of eFuels for their shipments as of late 2026.”

 

Geir Karlsen, CEO of Norwegian, added, “We welcome the collaboration opportunities with Norsk e-Fuel. Together, we now embark on a journey towards the next generation of fossil free jet fuels. Such sustainable aviation fuels will be in high demand in the years to come. The agreement entails that we will invest a total of around 5 million euros (USD$5.4 million) and will secure Norwegian early access to the product. The use of fossil-free aviation fuels is key to achieving our goal of reduced carbon emissions by 45 percent in 2030.”

 

The shareholder group now extended by Norwegian will from now on be led by Paul Wurth.

 

It has been backing Norsk e-Fuel since its inception and has now decided to raise its investment in the company by an additional 5.5 million euros (USD$6 million).

 

The commitment has been welcomed by existing shareholders as much as by the management and team of Norsk e-Fuel.

 

“We strongly welcome the collaboration with Norwegian,” said Thomas Hansmann, chief technology officer of SMS group. “Through the execution of the offtake agreement, we have fortified our position for upcoming projects. We now anticipate launching the next phase, focusing on the FEED study to bring the project up to its realization.”

 

Georges Rassel, chairman of Norsk e-Fuel’s board of directors, said, “I am truly honored to lead this exceptional team and delighted to announce our new partnerships with two esteemed airlines. Bringing together Norwegian, Cargolux and Paul Wurth, we are committed to ensuring the success of Norsk e-Fuel, where we can now enter the next phase of the project.”

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