Greenstat

Name

Greenstat

Legal name

Greenstat AS

Website

https://greenstat.no

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Renewable Energy Production

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510)

akta.pro primary industry

Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF)

akta.pro secondary industries

Hybrid Renewable Systems & Co-Optimization R&D (Solar+Wind+Storage, Multi-Resource Plants, Controls) (EUAMAOAI), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Green hydrogen production
• Solar power generation
• Wind power projects
• Renewable energy development
• Clean energy infrastructure

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Supply Chain

Revenue model

1. Sale of Self-Produced Solar/Wind Electricity: Greenstat owns and operates solar power plants (e.g., 45 MWp Petnjik plant in Bosnia) and wind projects. Revenue is generated by selling self-produced electricity to the grid or directly to consumers. Also owns and operates hydrogen production facilities.
2. Green Energy Project Development and Ownership: Develops and owns projects and companies contributing to zero-emission solutions and green value creation. Long-term ownership model generating returns from energy production assets.
3. Solar System Sales and Installation Services: Through Greenstat Solar Solutions AS, acts as a general contractor selling complete solar systems to external customers (industrial, commercial, agricultural). Handles full project delivery: sales, engineering, procurement, installation, and final inspection. Customer owns the installed system.
4. Green Transition Analysis and Consulting: Offers analysis around profitable green transition. Consulting services related to hydrogen, solar, and wind project development.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Greenstat develops, owns, and operates renewable energy projects focused on green hydrogen production (via water electrolysis), solar power plants, and industrial wind. The company generates revenue by selling self-produced electricity and hydrogen, while also providing turnkey solar system installations through its general contractor subsidiary Greenstat Solar Solutions AS. Greenstat operates multiple hydrogen production hubs across Norway and internationally, with a portfolio of approximately 450 MW in gross capacity across all project types.

Product overview

Greenstat is a Norwegian green energy company organized into specialized sub-brands: Greenstat Hydrogen develops and operates green hydrogen production facilities across Norway through subsidiaries and joint ventures; Greenstat Solar manages and operates solar power plants in Norway and internationally; and Greenstat Solar Solutions provides turnkey solar installation services for residential, agricultural, and commercial customers. The company also develops industrial wind projects. Major projects include hydrogen hubs (Agder, Glomfjord, Stord, Meraker, Viken, Htwo-Fuel, Rørvik), solar power plants (Petnjik 45 MWp in Bosnia, Engene 5.8 MWp in Norway), and wind projects (Elgane, Kjerlingland). The company operates internationally with subsidiaries in India and partnerships across Europe.

Differentiator

Problem solved

Functional benefit

Brands

• Greenstat Solar: Subsidiary managing, owning and operating solar power plants for selling self-produced electricity
• Greenstat Hydrogen
• Greenstat Energy
• GreenPod

Products and services

• Hydrogen Production Green hydrogen production through water electrolysis powered by renewable energy sources (hydroelectric, wind, solar). Hydrogen is supplied for transport, maritime, industrial, and heating applications. Production capacity across multiple facilities including Agder Hydrogen Hub (20 MW), Glomfjord (8 tonnes/day), Stord (140 tonnes/year), and others.
• Industrial Wind Power

Quantifiable outcome

• Petnjik Solar PV Plant produces ~65 GWh/year, enough to contribute significantly to renewable energy share in South-Eastern Europe
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

31 partnerships are on record, tiered core and minor.

• EverfuelcoreStrategic or Co-development Partner · 1 February 2024Greenstat took over Everfuel's shares in the Agder Hydrogen Hub project and made a final investment decision for the 20 MW hydrogen production plant. Everfuel was previously a partner in Stord Hydrogen and brought experience from its Nyborg facility in Denmark.
• Neptun Tromsø AScoreStrategic or Co-development Partner · 1 November 2023Neptun Glomfjord Green Ammonia AS is a joint project between Greenstat Hydrogen AS and Neptun Tromsø AS to establish a complete value chain from green hydrogen to green ammonia in Glomfjord Industripark. Planned capacity: 60-100 tonnes green ammonia per day as carbon-free maritime fuel. Neptun Tromsø is a partnership between Troms Kraft and German asset manager Prime Capital AG.
• HYDS (Hydrogen Solutions AS)coreStrategic or Co-development Partner · 1 January 2023HYDS is the largest owner and operator of Stord Hydrogen AS and delivers the flexible, module-based production plant for compressed hydrogen via electrolysis. Greenstat is a partner in Stord Hydrogen. HYDS has expressed goal of achieving scalable hydrogen production with multiple locations.
• Sustainable Energy Norwegian Catapult CentrecoreStrategic or Co-development Partner · 1 January 2023Greenstat partnered in Stord Hydrogen AS, the hydrogen production facility located at Energy House test centre premises at Heiane, Stord. The test centre validates new technologies for maritime propulsion systems using hydrogen as fuel.
• Alltec Services AScoreStrategic or Co-development Partner · 1 January 2023Alltec Services is a partner in Stord Hydrogen AS and CEO of Alltec Services leads the Energy House test centre where the hydrogen production facility is co-located. Alltec leverages energy created during tests at Energy House by converting it to hydrogen.
• Liquiline AScoreTechnology or Integration · 1 January 2023Liquiline is the Norwegian partner for Danish Green Hydrogen Systems' electrolysis technology supplied to Stord Hydrogen plant. This is their first delivery of this type of electrolyser to Norway.
• Green Hydrogen Systems A/ScoreTechnology or Integration · 1 January 2023Danish company supplying electrolysis technology for Stord Hydrogen plant, through Norwegian partner Liquiline. Their flexible, module-based production plant produces compressed hydrogen via electrolysis.
• Asplan Viak ASminorImplementation/ SI/ Consulting Partner · 1 January 2023Asplan Viak was engaged by Greenstat to conduct impact assessments (consequence evaluations) for the planned Grimstad solar power plant project in Reddal.
• Rejlers ASminorImplementation/ SI/ Consulting Partner · 1 January 2023Rejlers conducted a preliminary grid analysis for the Grimstad solar project area, showing that grid injection of approximately 8 MWp on the AC side can be implemented in the existing grid.
• NORWEP (Norwegian Energy Partners)minorGTM or Marketing Partner · 1 January 2023Greenstat participated in NORWEP's roadshow to the Western Balkans together with Norwegian embassies, meeting government representatives, regulators, and local developers and investors in Albania, Montenegro, and Bosnia-Herzegovina.
• Norwegian Embassies (Albania, Montenegro, Bosnia-Herzegovina)minorGTM or Marketing Partner · 1 January 2023Norwegian embassies in Albania, Montenegro, and Bosnia-Herzegovina facilitated B2B meetings with regional developers and investors as part of the NORWEP roadshow to the Western Balkans.
• Bjørn Simonsen (Senior Advisor)minorOthers · 1 January 2023Bjørn Simonsen was brought in as Senior Advisor for Greenstat in the period leading toward an IPO. He will also join the board of Greenstat Asia and Greenstat Hydrogen. He was central in the listing process of Nel Hydrogen in 2014 and led Saga Pure as part of its development through 2020.
• GP Toming D.O.O.coreStrategic or Co-development Partner · 1 January 2022Greenstat Solar partnered with GP Toming D.O.O. to build and operate the 45 MWp Petnjnik solar power plant in Bosnia-Herzegovina. This is Greenstat's first foreign solar investment and the start of a pipeline of co-owned solar projects in Bosnia and the Western Balkans. GP Toming brings valuable long experience in building large solar power plants.
• Deling ASminorImplementation/ SI/ Consulting Partner · 1 January 2022Deling is building the main transformer station for the Petnjnik solar power plant in Bosnia-Herzegovina. Deling is a reputable engineering and construction company with expertise in renewable energy projects.
• Htwo-Fuel AS (Co-owners and local developers)coreStrategic or Co-development Partner · 1 January 2021Htwo-Fuel AS was established in 2021 to make hydrogen and hydrogen carriers available for the maritime market along the West Coast of Norway. Greenstat is co-owner together with developers and local owners. Lutelandet is strategically located on the shipping route between Bergen and Florø.
• NTE (Nord Trøndelag Energi)coreStrategic or Co-development Partner · 1 January 2020H2 Marine, where Greenstat is the largest owner, built a hydrogen production and bunkering facility together with NTE for a hydrogen-powered aquaculture work boat owned by SalmoNor. The Pilot-E funded project was completed in Q3 2023.
• Troms Kraft AScoreStrategic or Co-development Partner · 1 January 2016Troms Kraft AS is co-owner in Glomfjord Hydrogen AS (with Greenstat, Nel, Meløy Energi). Troms Kraft entered as owner in 2021 and has been an important partner through its ownership in Neptun Tromsø for realising ammonia as a solution in Glomfjord.
• Meløy Energi AScoreStrategic or Co-development Partner · 1 January 2016Meløy Energi AS is co-owner in Glomfjord Hydrogen AS, established in 2016 as one of the first developer companies for hydrogen production in Glomfjord Industripark.
• Christian Michelsen Research / NORCEcoreStrategic or Co-development Partner · 1 January 2015Greenstat was established on 19 January 2015 as a subsidiary of Christian Michelsen Research (now NORCE). This founding relationship established Greenstat's initial expertise and market position in the Norwegian energy sector.
• Nel ASAcoreStrategic or Co-development PartnerNel ASA is co-owner in Glomfjord Hydrogen AS (together with Greenstat, Troms Kraft, Meløy Energi) and in Viken Hydrogen AS (with Akershus Energi, Greenstat, Østfold Energi, H2 Energy). Nel has been instrumental in developing Glomfjord Hydrogen with its long history in green hydrogen production.
• Norwegian Hydrogen ASminorStrategic or Co-development PartnerGreenstat works closely with Norwegian Hydrogen along with other companies throughout the entire hydrogen value chain.
• Gen2Energy ASminorStrategic or Co-development PartnerGreenstat works closely with Gen2Energy along with other companies throughout the entire hydrogen value chain.
• Akershus Energi AScoreStrategic or Co-development PartnerAkershus Energi is co-owner of Viken Hydrogen AS, which aims to develop at least 100 MW of electrolysis capacity around the Oslofjord for decarbonisation of industry and heavy transport.
• Østfold Energi AScoreStrategic or Co-development PartnerØstfold Energi is co-owner of Viken Hydrogen AS, expanding the regional footprint for green hydrogen development around the Oslofjord region.
• H2 Energy AScoreStrategic or Co-development PartnerH2 Energy is co-owner of Viken Hydrogen AS, contributing to the development of at least 100 MW electrolysis capacity in the Oslofjord region.
• JB Ugland Fornybar Energi ASminorStrategic or Co-development PartnerJB Ugland Fornybar Energi AS and Greenstat are exploring the possibility of creating an Energy Hub at Kjerlingland, combining green hydrogen from industrial wind and solar with utilisation of excess heat from hydrogen production. Hydrogen to be filled directly for heavy traffic along E-18 highway.
• Indian Oil Corporation LtdminorStrategic or Co-development PartnerGreenstat Hydrogen India collaborates with Indian Oil, the state-owned energy company, as part of its strategy to partner with the most important energy and technology companies in India's hydrogen market.
• Peenya GasesminorStrategic or Co-development PartnerHYGREEN India Pvt Ltd is a joint venture with Peenya Gases where Greenstat India owns 49% equity. The venture aims to set up a 1 MW (18 kg/hr) green hydrogen plant with 5 MW solar farm, targeting local retail consumers of green hydrogen gas.
• Axis Energy / Brookfield (ABC Clean Tech JV)minorStrategic or Co-development PartnerABC Clean Tech is a joint venture platform between Axis Energy and Canadian asset manager Brookfield to develop, own and operate Green Hydrogen and derivatives projects in India. Greenstat Hydrogen India is sole Knowledge Partner, conducting feasibility studies, assisting with equipment procurement, and exploring export of Green Ammonia and Green Methanol. Target: up to 10% ownership in ABC Clean Tech projects.
• Midwest Heavy Sands (Pvt) LtdminorStrategic or Co-development PartnerJoint venture SPV for 100 MW (Phase 1) solar project in Sri Lanka to supply round-the-clock power to Midwest Heavy Sands' mineral processing operations near Trincomalee Port. Land provided on lease; ultimate solar capacity target 1000 MW. Debt:Equity 70:30.
• Skagerak Kraft AScoreStrategic or Co-development PartnerSkagerak Kraft co-owns Engene Solar AS (50/50 with Greenstat Solar AS) for the 5.8 MWp Engene solar power plant in Larvik, Norway. Investment of approximately NOK 45 million. Engene Solar AS is the project company.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Otovo ASA: Otovo is a Norwegian residential and commercial solar installer with a subscription-based business model. It is comparable to Greenstat Solar Solutions' turnkey solar installation services in the Norwegian market, though focused on smaller-scale residential vs. Greenstat's commercial and agricultural focus.

Direct peers

• Norwegian Hydrogen AS: Norwegian Hydrogen is a Norway-based green hydrogen producer with similar focus on distributed production facilities. Greenstat works closely with Norwegian Hydrogen across the value chain, and both target maritime and industrial hydrogen customers in Norway.
• Nel ASA: Nel ASA is the leading global electrolyser manufacturer and a hydrogen value chain partner of Greenstat (co-owner in Glomfjord Hydrogen and Viken Hydrogen). Nel has similar Norwegian roots and pursues the same green hydrogen infrastructure opportunity, making it the most direct comparable for technology, market access, and capital requirements.
• Everfuel: Everfuel is a Nordic green hydrogen production and distribution company that was previously a partner in Stord Hydrogen and Agder Hydrogen Hub before Greenstat took over its shares. Everfuel pursues the same Nordic green hydrogen buildout and serves as a near-direct competitor in the Norwegian market.
• Gen2Energy AS: Gen2Energy is a Norwegian green hydrogen producer developing small to mid-scale hydrogen production facilities. Greenstat works with Gen2Energy across the hydrogen value chain, and both target similar customers in maritime and industrial segments in Norway and Europe.
• HYDS (Hydrogen Solutions AS): HYDS is a Norwegian hydrogen technology and project developer and the largest owner of Stord Hydrogen where Greenstat is a partner. HYDS pursues the same small-to-mid scale hydrogen plant model with modular electrolyser technology, serving overlapping Norwegian customers.
• Norsk Solar AS: Norsk Solar is a Norwegian solar energy developer focused on emerging markets, with utility-scale projects comparable to Greenstat's Petnjik plant in Bosnia. Similar geography (Norway-headquartered, emerging-market operations), similar scale, and overlapping customer segments in commercial/industrial solar.

Broad incumbents

• Scatec ASA: Scatec is a Norwegian renewable energy developer and IPP active in solar, wind, and storage across emerging markets. Comparable to Greenstat Solar's utility-scale solar development model (e.g., Petnjik), though Scatec operates at significantly larger scale and broader geographic footprint.
• Aker Clean Hydrogen: Aker Clean Hydrogen is a large-scale, publicly backed hydrogen developer that was Greenstat's earlier strategic investor and partner. While broader in scope and larger in scale, Aker pursues the same Norwegian and European green hydrogen infrastructure opportunity and represents a higher-capital alternative pathway for the market.
• Fred. Olsen Renewables: Fred. Olsen Renewables is a large Norwegian wind, solar, and hydrogen developer and operator with significant asset base. Comparable to Greenstat's industrial wind focus and broader renewable energy project development model, though at substantially larger scale with longer operating history.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenstat