Hy2gen raises €47m to advance 2GW hydrogen and derivatives portfolio
The capital was awarded in a funding round led by Hy24 through its Clean Hydrogen Infrastructure Fund, Technip Energies, and individual founding investor BenDa.
The capital was awarded in a funding round led by Hy24 through its Clean Hydrogen Infrastructure Fund, Technip Energies, and individual founding investor BenDa.
Plug will receive an initial $210 million and can access additional funding if needed, with $82.5 million earmarked to retire older debt that could have diluted existing shares.
The French government will back Lhyfe’s 34 tonne-per-day Green Horizon initiative, which is expected to be completed by 2029.
Gen-Hy has already broken ground on the Allenjoie facility, which will produce 350 AEM electrolyser units, each ranging from 100kW to 2MW in capacity when it hits full scale.
ArcelorMittal CEO Aditya Mittal admitted that the large-scale transformation of steelmaking through green hydrogen and CCUS won’t happen before 2030 due to the high capital and operational costs associated.
After a turbulent 2024 saw major projects paused, Spain’s hydrogen sector is back on track with €1.22bn recently pledged by the government for 2.3GW of green hydrogen valleys.
The European Commission’s scheme will support the construction of up to 345MW of installed electrolyser capacity and the production of 221,000 tonnes of green hydrogen in Spain.
“Legislations have to evolve, but that can’t be at the expense of earlier investment,” King & Spalding’s Matt Hardwick explained.
Projects shortlisted for HAR2 could deliver a combined 765MW of hydrogen production capacity. However, the UK Government stressed that it’s “unlikely that all projects will be successful.”
Revenue stacking, short-term power arbitrage and innovative financial structures could help de-risk projects and unlock investment. Yet, institutional hesitancy and limited public funding still present major hurdles – particularly for large-scale, international developments
