May 16 (Renewables Now) - HydrogenOne Capital Growth plc (LON:HGEN) and Foresight Group LLP have agreed to acquire minority stakes in HH2E AG for a total of at least EUR 12 million (USD 12.46m) to support the development of green hydrogen projects in the pipeline of the Germany-based company.
HydrogenOne will invest GBP 5 million (USD 6.10m/EUR 5.87m) in the newly established company.
In addition to the equity investment, the new co-owners will provide a substantial part of the development and construction capital for five large projects at industrial locations across Germany. The development of these projects is estimated to cost more than EUR 500 million.
The deal also entitles the two UK-based firms to take seats on HH2E's supervisory board.
HH2E's founders and executives Alexander Voigt, Andreas Schierenbeck and Mark Page will retain a majority stake after the deal with HydrogenOne and Foresight.
HH2E specialises in developing projects to decarbonise industry, using green hydrogen, with associated energy storage. The start-up plans to invest EUR 2.7 billion in scalable projects with an output of 100 MW and above, targeting an electrolysis capacity of 4 GW by 2030.
“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 a substantial portion of the EUR 2.7bn we expect to deploy on sites in the next 5-6 years,” said Mark Page.
(EUR 1 = USD 1.039)
(GBP 1 = USD 1.220/EUR 1.175)
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