House Hydrogen German hydrogen producer searching for novel investor amid financing infrastructure shift
November 8, 2024,
by
Ajsa Habibic
German inexperienced hydrogen producer HH2E has made up our minds to file for self-administration and pursue a structured corporate restructuring route of after the corporate’s majority shareholder voted towards offering financing for HH2E’s first inexperienced hydrogen production facility in Lubmin.
Shut to the cruise, in Lubmin approach Greifswald, Western Pomerania, HH2E is proposing to earn 500 MW of electrolyzers and a pair of,000 MWh of batteries for the annual production of 60,000 tonnes of inexperienced hydrogen by 2030 utilizing the Baltic Sea gasoline pipelines.
Two months within the past, HH2E signed a €45 million contract with Gebrüder Karstens Bauunternehmung for the building of its flagship inexperienced hydrogen plant in Lubmin, anticipating to begin the works following the approval of the accomplishing below the German Federal Immission Withhold a watch on Act (BImschG) and the final investment option by HH2E shareholders.
Infrastructure and non-public equity investment supervisor Foresight Group modified into the majority shareholder of HH2E and its subsidiaries, including HH2E Werk Lubmin, by plan of a consolidation route of in Might moreover 2024.
The German company mentioned it had been in intensive negotiations with Foresight Group over the final few weeks relating to the funding of its flagship inexperienced hydrogen production facility.
Per HH2E, the negotiations yielded final agreements that had been expected to be concluded within the second week of November.
“On the change hand, as of the day before as of late, Foresight Group reinformed HH2E AG that its Investment Committee had within the kill made up our minds towards offering the major financing. As a consequence, HH2E AG and its subsidiary, HH2E Werk Lubmin GmbH, are legally obligated to launch insolvency proceedings,” HH2E mentioned in a press free up issued on November 8, 2024.
The company additional renowned that the management modified into once prepared and had taken proactive measures, desiring to file for self-administration on November 8 and pursue a structured corporate restructuring route of and address securing a brand current investor “aiming to champion HH2E’s vision for organising an industrial scale platform of inexperienced hydrogen production in Germany”.
“We remain committed to affirming continuity and steadiness in our operations as we work toward a long-term answer. I’m convinced we can rapidly glean a strategic partner who shares our passion for inexperienced vitality and can enhance HH2E AG’s vision,” Alexander Voigt, CEO of HH2E, commented.
