Hy2gen Raises €47m for Renewable Hydrogen Projects Across Europe
Key Ideas
- Hy2gen, a German renewable hydrogen producer, secured €47m from existing shareholders, including Hy24, to accelerate the development of projects in energy-intensive sectors like shipping, aviation, chemicals, and fertilizers.
- The funding round was led by Hy24, through its Clean Hydrogen Infrastructure Fund, with additional investments from Technip Energies and BenDa. This brings Hy2gen's total funding since its 2017 launch to €260m.
- Hy2gen's current projects span across Europe, including Norway, France, Germany, and Canada. These projects aim to produce renewable ammonia, e-SAF, e-methane, and e-methanol, with a focus on decarbonization in various industries.
- The company plans to start construction on projects like 'Courant', 'Atlantis', 'Iverson', and a collaboration with H2V by 2027, representing a total installed electrolysis capacity of approximately 2GW and requiring over €5bn in capex for construction.
German renewable hydrogen producer Hy2gen has successfully raised €47m in a funding round led by French low-carbon hydrogen asset manager Hy24, with participation from other key investors. The funding will be utilized to expedite the development of several projects aimed at producing renewable hydrogen and fuels from renewable electricity. These projects target the decarbonization of energy-intensive sectors such as shipping, aviation, chemicals, and fertilizers. Hy2gen, founded in 2017, plans to support clients in their decarbonization efforts by providing sustainable fuel options. The company's CFO highlighted their diverse use cases, including shipping, aviation, and industrial sectors like mining. Hy2gen's current projects span various European countries, focusing on renewable ammonia, e-SAF, and other sustainable fuels. The company's ambitious plans include collaborations and expansions into new regions, emphasizing their commitment to green energy and decarbonization. With construction expected to commence on multiple projects by 2027, Hy2gen aims to significantly contribute to the renewable energy landscape.