Skip to main content

Lhyfe secures funds from Mitsui & Co.

Published by , Editorial Assistant
Global Hydrogen Review,


Mitsui’s investment follows the raising of €66 million by Lhyfe in 2021, from Andera Partners, Swen Capital, CDC Banque des Territoires, and several of its original shareholders. It reflects rapid growth experienced by Lhyfe since its launch.

 

Follow us on LinkedIn »

 

The French pure player, Lhyfe, has developed the world’s first industrial site to produce renewable green hydrogen using power from wind turbines, which it inaugurated in 2021. The company is already active in 10 countries in Europe (France, Germany, Belgium, the Netherlands, Denmark, Sweden, Finland, Norway, Spain and Portugal), and has a sales pipeline of over 90 projects, spread across 11 countries and with production start dates between 2022 – 2028. Lhyfe’s target markets are transportation and industry.

In addition to this, a development programme for offshore hydrogen production underway by Lhyfe since 2019 will see the world’s first offshore hydrogen production site connected to a floating wind turbine enter the test phase in 3Q22. This pilot site, which will produce 400 kg/d of renewable hydrogen, will confirm the company’s technological advance in offshore hydrogen production. Lhyfe will thus be the first operator in the world to have an onshore and offshore experience curve.

Mitsui, as one of its portfolios, has actively engaged in a wide spectrum of hydrogen-related business and made investments across the hydrogen value chain in various regions with the aim of contributing to building a responsible and low-carbon energy model. Mitsui is a member of the Hydrogen Council – a global organisation led by a number of leading companies in the fields of energy, transport, industry and investment for the development of the hydrogen economy.

In a favourable context for the development of hydrogen, Mitsui has decided to invest in Lhyfe as a strategic investor, believing strongly in the company and in its ability to deploy its solutions widely. Mitsui, by utilising its global network and assets around hydrogen-related businesses, intends to support Lhyfe in identifying commercial opportunities, enhancing Lhyfe’s competitiveness, and pursuing international expansion.

Lhyfe benefited from the support of BNP Paribas, which acted as its financial advisor for the fundraising. Founding member of the Hydrogen Council, BNP Paribas has created a Low Carbon Transition group – a network of experts, dedicated to advising, financing and more generally supporting development of a low-carbon economy. BNP Paribas works actively to contribute to the establishment of local ecosystems, bringing together all players in the hydrogen value chain and sustainably supporting its customers in the large-scale development of the sector.

Read the article online at: https://www.globalhydrogenreview.com/special-reports/13042022/lhyfe-secures-funds-from-mitsui-co/

You might also like

 
 

Embed article link: (copy the HTML code below):