Germany-based renewable hydrogen producer Hy2gen has completed a funding round of €47 million from existing shareholders to accelerate the development of its hydrogen and derivatives projects.
As disclosed, the round was led by Hy24 , a France-based low-carbon hydrogen asset manager investing through its Clean Hydrogen Infrastructure Fund, alongside French engineering and technology company Technip Energies and individual founding investor BenDa – family fund of Hy2gen’s Chairwoman Dana Kallasch .
Hy2gen said the capital will be used to accelerate the deployment of its portfolio of projects producing renewable hydrogen and its derivatives in Europe, Canada and South America.
To note, the producer is understood to be designing, building and operating green hydrogen, green ammonia, e-SAF, e-methane and e-methanol production plants using Power-to-X (PtX) 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 reportedly represent a total installed electrolysis capacity of circa 2 GW and a funding of more than €5 billion to start the construction phase by 2027.
The company’s portfolio includes the 300 MW Courant project in Canada – a renewable ammonia and ammonium nitrate plant of approximately €2 billion of capex, currently finalizing its design, with construction expected to begin by 2027, 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 of renewable ammonia annually using renewable hydropower.
Cyril Dufau-Sansot, CEO of Hy2gen, stated: “Thanks to our financial and strategic investors, we can take our projects to produce renewable hydrogen and hydrogen derivatives to the next level… 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.”
Pierre-Etienne Franc, Co-Founder and CEO of Hy24, and Arnaud Pieton, CEO of Technip Energies, reaffirmed the two companies’ confidence in Hy2Gen and its development strategy, and Dana Kallasch of BenDa, highlighted: “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.”