London investors pump £10m into German hydrogen firm HH2E
Two London-based investment firms have pumped £10m into German clean hydrogen company HH2E today to underpin a “massive acceleration” in its roll out over the next five years.
HH2E, which develops projects to decarbonise industry using ‘green hydrogen’ technology, said today the fresh funding from London-listed HydrogenOne and investment firm Foresight Group would be channelled into multi-billion and multi-gigawatt projects in Germany.
“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,” said Mark Page, HH2E co-founder and CFO.
HydrogenOne and Foresight are both expected to commit £5m to the firm which will be used in projects at industrial locations across Germany, which are expected to cost in excess of €500m to fully develop.
Foresight partner Matt Hammond said Germany presented a unique opportunity for investors.
“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,” he said.
“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.”
The cash injection from HydrogenOne and Foresight allows both firms to take a board seat at HH2E, in addition to the co-investment rights in HH2E’s projects.