HydrogenOne Capital Growth (HGEN) announced that portfolio company Gen2 Energy has signed a transaction term sheet with integrated midstream energy company SEFE Securing Energy for Europe GmbH for the delivery of green hydrogen to Germany in the event that Gen2’s planned production plant in Mosjøen proceeds.
The transaction term sheet defines the terms and conditions for a sales and purchasing agreement for Gen2 to export green hydrogen from their first planned production plant in Mosjøen, Norway to Germany.
Gen2 is a leading green hydrogen project developer with a pipeline of over 900MW. As referenced in the company’s recently published half-yearly report, Gen2’s flagship project at Mosjøen is a planned 120MW compressed hydrogen facility targeting final investment decision in 2024 and production in 2026.
As at 30 June 2023, HydrogenOne’s investment in Gen2 represented 3% of the company’s NAV.
Richard Hulf, managing partner of HydrogenOne Capital, the company’s investment adviser, commented: “This is an important moment for Gen2, with this agreement providing real evidence of market interest and commitment in establishing a hydrogen supply chain which will support the final investment decision for the hydrogen plant anticipated in 2024.”
Jonas Meyer, chief executive officer of Gen2, commented: “We are excited about what we have achieved with SEFE since the MoU was signed some months ago. This term sheet not only reinforces our commitment to providing green hydrogen but also represents a key step towards securing the necessary investments to make our project a reality.”
HGEN : Progress Update for HydrogenOne
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