Wiesbaden-based Hy2gen AG, a German renewable hydrogen producer, announced the completion of a €47M funding round from existing shareholders.
The round was led by Hy24, an asset manager focused on low-carbon hydrogen, through its Clean Hydrogen Infrastructure Fund. Other participants included Technip Energies and founding investor BenDa, the family fund of Hy2gen’s Chairwoman, Dana Kallasch.
Pierre-Etienne Franc, co-founder and CEO of Hy24, says, “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.”
“As an investor and catalyst, our role is to support the most promising entrepreneurs in the ecosystem. That is why we are reaffirming our confidence in Hy2Gen and its development strategy,” adds Franc.
Hy24, a joint venture between Ardian and FiveT Hydrogen, manages the Clean H2 Infra Fund, formed through the combined efforts of Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, and Baker Hughes. The fund supports hydrogen projects across production, conversion, storage, supply, and use.
Hy2gen expands global hydrogen project pipeline
Hy2gen develops, finances, builds, and operates plants for the production of renewable hydrogen and hydrogen derivatives, known as RFNBO (renewable fuels of non-biological origin).
The company supports sectors with high energy use, including shipping, aviation, chemicals, fertilisers, and steel, by providing energy carriers and fuels through Power-to-X processes. Power-to-X solutions convert renewable electricity into fuels or other usable outputs.
Since entering the market in 2017, Hy2gen has expanded its activities to five countries. Its current project pipeline includes 3.4 GW of electrolysis capacity in planning and construction, with an additional 15 GW in development.
In early 2022, Hy2gen raised €200M from investors, one of the largest private capital increases in the renewable hydrogen sector.
Hy2gen’s project portfolio includes several initiatives across multiple countries. In Canada, the company is preparing the 300 MW “Courant” project, focused on renewable ammonia and ammonium nitrate, with a capital expenditure of about €2B and construction planned to begin by 2027.
In Germany, the “Atlantis” plant extension began producing renewable hydrogen in 2023. In Norway, the “Iverson” project plans to use hydropower to produce 200,000 tons of renewable ammonia per year.
Hy2gen is also working with H2V on a 390 MW project in the Fos-Marseille industrial basin in France. This initiative, with a capital expenditure of about €1.5B, is set to produce 75,000 tons of e-SAF annually, contributing to lower emissions in the aviation sector.
Capital utilisation
The funds will support the progress of Hy2gen’s hydrogen and derivative projects in Europe, Canada, and South America, to reach Final Investment Decision (FID) and prepare for construction.
Cyril Dufau-Sansot, CEO of Hy2gen, says, “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 €47M thanks to our trusted investors. This enables us to establish ourselves as a top-tier supplier of renewable fuels to cut industrial emissions.”
“With this continued support, we maintain our trajectory to lead the development of the renewable hydrogen industry. 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,” adds Dufau-Sansot.
What do the investors have to say?
Arnaud Pieton, CEO of Technip Energies, says, “As a strategic investor and engineering partner, we are pleased to continue to support Hy2gen’s mission to drive decarbonisation forward.”
“We will continue to leverage our engineering capabilities, proven project delivery expertise, and the strengths of our companies, including Rely with its integrated green hydrogen and Power-to-X solutions, to support the successful realisation of Hy2gen’s projects. We are dedicated to affordable solutions at scale for a world designed to last.”
Technip Energies operates in technology and engineering across LNG, hydrogen, ethylene, CO2 management, and sustainable chemistry. The firm supports the development of sectors including energy, energy derivatives, decarbonisation, and circular economy. In 2024, the company reported revenues of €6.9B.
Speaking about the investment in Hy2gen, Dana Kallasch of BenDa, says, “As the Chairwoman of the Supervisory Board and a long-term investor in Hy2gen, I am pleased to underscore that the recent capital increase represents not only a significant milestone for the company, but also a pivotal contribution to our shared vision of a sustainable, green future.”
“The newly raised financial resources will enable Hy2gen to further accelerate the development and expansion of its innovative projects in the fields of renewable energy and green hydrogen. These initiatives are crucial not only for the advancement of the industry but also for the broader transition towards a more climate-resilient and sustainable global economy.”
“As a co-founder and committed investor, we are proud to take part in this financing, reaffirming our long-term dedication to Hy2gen’s success and its contribution to a greener future.”
Luxembourg-based BenDa Sàrl, a holding company led by Dana Kallasch, invests in early-stage startups and medium-stage private equity opportunities. The firm focuses on businesses with environmental, social, or other impact goals. It has invested in 9 companies across 4 industries.
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