Hy2gen AG To Accelerate Renewable Hydrogen Projects
Hy2gen AG, a renewable hydrogen producer, has completed an additional funding round of US$53.4 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, sustainable aviation fuel, e-methane and e-methanol production plants using Power-to-X processes to support its clients in decarbonizing 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 an estimated 2 GW and a funding of more than US$5.6 billion to start the construction phase by 2027.
Hy2gen’s portfolio include the 300 MW project “Courant” located in Canada. It also includes a renewable ammonia and ammonium nitrate plant of approximately US$2.3 billion of capital expenditures, currently finalizing its design, with construction expected to begin by 2027. Another project is the “Atlantis” plant extension in Germany, which began producing renewable hydrogen in 2023 and the “Iverson” project in Norway, aiming to produce 200,000 tons (181,437 tonnes) of renewable ammonia annually using renewable hydropower. In addition, Hy2gen is collaborating with H2V in the Fos-Marseille industrial basin, on a 390 MW project with a capex of approximately US$1.7 billion, contributing to the decarbonization of Europe’s aviation sector with a production of 75,000 tons (68,039 tonnes) of SAF.
“Thanks to our financial and strategic investors, we can take our projects to produce renewable hydrogen and hydrogen derivatives to the next level,” said Cyril Dufau-Sansot, chief executive officer (CEO) of Hy2gen. “Looking back at 2022, I am very pleased to receive another capital raise of [$53.4 million] €47 million 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 decarbonize 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.”
“In today’s geopolitical and industrial context, resilience is essential,” said Pierre-Etienne Franc, co-founder and CEO of Hy24. “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 mobilized a highly experienced team and addressed the complex challenge of industrial scalability and decarbonization, 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.”
“As a strategic investor and engineering partner, we are pleased to continue to support Hy2gen’s mission to drive decarbonization forward,” said Arnaud Pieton, CEO of Technip Energies. “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 realization of Hy2gen’s projects. We are dedicated to affordable solutions at scale for a world designed to last.”
“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,” said Dana Kallasch of BenDa. “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.”
