HydrogenPro’s partner, DG Fuels, securing 100% offtake on Louisiana project
Porsgrunn, Norway, 14 November 2022 – 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.