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White Summit Capital’s HyFive plans €250 million investment in Gijon green hydrogen and methanol plant

Published by , Editorial Assistant
Global Hydrogen Review,

HyFive, the green hydrogen and derivatives platform of energy transition infrastructure investor, White Summit Capital (WSC), will invest €250 million to build a green hydrogen and methanol production plant in the port of El Musel, in the northern Spanish city of Gijon (Asturias).

The project will be located on a 41-hectare plot on the port's Aboño esplanade. Construction works are scheduled to begin in 3Q25, and the plant should start commercial operations in 2027.

The project is supported by the H2 Pioneros programme awarded by Spanish state entity, IDAE, and funded by the European Union’s NextGenerationEU programme. In its first phase, the facility will have a total capacity of 50 MW for green hydrogen production. This will feed into an e-methanol plant with an annual capacity of 100 000 t. The plan is to double electrolyser capacity during a second phase, reaching 100 MW.

“Our project will be central to integrating large-scale hydrogen production, CO2 capture from multiple nearby industries, the production of green fuels as well as infrastructure enabling storage, transportation, consumption and exports,” said Alberto Sánchez de Rojas, CEO of HyFive. “The port location is ideal, and the area has potential for future growth as industries intensify decarbonisation efforts and the H2Med pipeline hydrogen transport infrastructure also reaches the port.”

The green methanol will be produced from green hydrogen and CO2 captured from hard-to-abate industries close to the new plant, allowing for savings of up to 175 000 tpy of CO2 and contributing to lower pollution in the Asturias region.

Musel GreenMet will be part of the local ecosystem, forming a valley of green fuels in Asturias that creates synergies with the surrounding industry and moves towards a decarbonisation model on a regional scale. Not only will it be located in a strategic area such as the port of Gijon, but it will also consume green hydrogen both produced by the project itself and by others that are currently being developed in its surroundings.

The project will be a job generator in the area, creating up to 500 jobs for the construction of the plant. Once the plant is operational, it will employ around 40 workers, and create another 120 indirect jobs related to the plant.

Gonzalo López Medina, Managing Partner of White Summit Capital, added: “A project as ambitious as this requires the diverse financial, technical and management experience and capabilities that WSC and HyFive bring together. It also requires a true will and spirit of collaboration with local authorities, industry and citizens.”

HyFive's project portfolio is primarily aimed at areas where the EU seeks to accelerate decarbonisation and is implementing enforced regulation. These projects include eFuels, heavy duty transportation and certain energy-intensive industrial applications such as cement, steel, chemicals, and ceramics.

Launched in 2021 and 100% owned by WSC, HyFive is a vertically integrated green hydrogen and derivatives producer. The company is developing a pan-European portfolio of projects with plans to reach 1.5 GW of operational capacity by 2035.

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