HydrogenOne Capital Growth buys second clean hydrogen developer business – HydrogenOne Capital Growth (HGEN) has signed definitive agreements for an investment of £5m (EUR 6m) in HH2E AG, alongside funds managed by Foresight Group, as part of a funding round expected to total at least £10m (EUR 12m).
HydrogenOne and Foresight have also signed a framework agreement giving the right to co-invest in HH2E’s projects directly. They will provide a substantial part of the development and construction capital covering five large projects which are expected to be at industrial locations across Germany and will cost in excess of €500m to fully develop.
HH2E is a specialist in developing projects to decarbonise industry, using green hydrogen, with associated energy storage and hydrogen power generation facilities with the intention of providing 24/7 clean energy for customers. With this purchase of a minority equity stake, HydrogenOne and Foresight each have the right to a board seat.
Simon Hogan, chair of HGEN 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.”
Mark Page, HH2E co-founder and CFO added: “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.”
HGEN : HydrogenOne Capital Growth buys second clean hydrogen developer business