Hy2gen AG has announced that it has completed an additional funding round of €47 million from existing shareholders.
The round is led by Hy24, a low-carbon hydrogen asset manager investing through its Clean Hydrogen Infrastructure Fund, alongside engineering and technology company Technip Energies, and individual founding investor BenDa (family fund of Hy2gen’s Chairwoman Dana Kallasch). The capital will be used to accelerate the deployment of Hy2gen’s portfolio of projects producing renewable hydrogen and its derivatives in Europe, Canada, and South America – to reach final investment decision (FID) and prepare the construction phase.
Hy2gen is designing, building, and operating green hydrogen, green ammonia, e-SAF, e-methane, and e-methanol production plants using Power-to-X processes to support its clients in decarbonising energy-intensive and strategic ‘hard-to-abate’ sectors such as shipping and aviation, as well as chemicals and fertilizers. Hy2gen’s most advanced projects would represent a total installed electrolysis capacity of approximately 2 GW and a funding of more than €5 billion to start the construction phase by 2027.
Hy2gen’s portfolio include the 300 MW project Courant located in Canada, a renewable ammonia and ammonium nitrate plant of approximately €2 billion of CAPEX, currently finalising its design, with construction expected to begin by 2027, ‘Atlantis’ plant extension in Germany, which started producing renewable hydrogen in 2023, and ‘Iverson’ project in Norway, aiming to produce 200 000 t of renewable ammonia annually using renewable hydropower. In addition, Hy2gen is collaborating with H2V in the Fos-Marseille industrial basin, France, on a 390 MW project with a CAPEX of approximately €1.5 billion, contributing to the decarboniaation of Europe’s aviation sector with a production of 75 000 t of e-SAF.
Cyril Dufau-Sansot, CEO of Hy2gen, declared: “Thanks to our financial and strategic investors we can take our projects to produce renewable hydrogen and hydrogen derivatives to the next level. Looking back at 2022, I am very pleased to receive another capital raise of €47 million from our trusted investors. The demand for renewable hydrogen and hydrogen derivatives is growing with the long-term economic need to decarbonise industries. We have spent the years since the last capital raise developing projects all over the world for different applications of renewable hydrogen, e-SAF for aviation, e-Methanol, renewable ammonia, and more. We have also proven ourselves in operating small scale production plants with our facility in Werlte, Germany. Now we can confidently complete the planning and certification stages for our industrial scale production plants and head toward the construction phase.”
Pierre-Etienne Franc, Co-Founder and CEO of Hy24, said: “In today’s geopolitical and industrial context, resilience is essential. Over the past three years, Hy2gen has demonstrated its ability to build a diversified portfolio of e-fuel and green ammonia projects across Europe, Canada and South America. The company has mobilised a highly experienced team and addressed the complex challenge of industrial scalability and decarbonisation ¬– balancing offtake agreements with unique access to renewable resources.”