Announced May 16, investment firm HydrogenOne alongside London-based private equity firm Foresight Group Holdings Ltd. have signed agreements for a £5m investment in the German HH2E firm, specialising in developing projects to decarbonise industry using green hydrogen. The funds are part of a funding round expected to secure at least £10m.
The agreements also give the HydrogenOne and Foresight the right to a board seat and co-investment rights in five large projects in industrial locations across Germany.
HydrogenOne and Foresight will provide a significant part of the development and construction capital required for the projects which require an excess of €500m to complete.
Simon Hogan, Chairman of HydrogenOne said “HH2E is HydrogenOne’s second investment into a clean hydrogen developer company. HH2E are identifying substantial clean hydrogen projects in Germany, which offer the potential for significant investment there for our shareholders.”
Over the next few years, HH2E will focus on decarbonising existing industrial sites with plans to develop greenfield projects in the long-term. The firm has already identified multi-billion and multi-gigawatt potential investment for several projects in Germany.
Mark Page, HH2E co-founder and CFO commented “We’re delighted to have two substantial institutional investors in the green energy space backing our growth plans. This financing agreement enables a massive acceleration of our development plans and represents a substantial portion of the capital we expect to deploy on sites in the next 5-6 years.”
Matt Hammond, Partner at Foresight Group commented “Germany represents an attractive market, given the commitment by its industrial base to decarbonise with green energy, and especially given the strong political support to build a green hydrogen economy. HH2E is well positioned to take a leading role in this market, and we are excited to be supporting the company in delivering on this ambition.’