Hy2gen

Germany-based Hy2gen develops, finances, and operates plants for the production of green hydrogen and its derivatives using alkaline electrolysis and proton exchange membrane (PEM) technology. As of February 2024, the company had a 1.9 GW green hydrogen project under construction, and a pipeline of more than 12 GW under development. Hy2gen’s first plants are under construction in France, Norway, Canada, Germany, and the US.

The company reached a milestone in December 2023 with the acquisition of kiwi AG, which includes the world’s largest operating power-to-eMethane plant in Werlte, Germany, marking Hy2gen’s entry into the production of renewable hydrogen and its derivatives. The acquisition also gives the company access to a 300 MW pipeline of electrolysis and methanation projects, as well as kiwi AG’s industry connections.

In addition, Hy2gen is building plants for the production of ammonia using hydrogen. These include a plant in Canada (Courant, announced in March 2023), an 800 MW plant in Finland (announced in May 2023), and a 200 MW renewable ammonia production plant in Mexico (Marengo, announced in July 2023).

Key customers and partnerships

In Germany, the company partnered with revis bioenergy in May 2022 to supply green carbon dioxide to a production facility under development in Friesoythe. The plant will primarily produce green hydrogen and green e-methanol, and is expected to begin production in 2026. In Norway, Hy2gen partnered with energy company Greenstat in November 2020 to develop green hydrogen projects across the country. In France, the company collaborated with Oxygen, a photovoltaic developer, and Solarcentury, a photovoltaic operator, to deploy a 30 MW electrolyzer plant. In Canada, Hy2gen entered into a 50/50 joint venture with ethanol producer Greenfield Global to build an 80 MW green hydrogen production facility in Quebec.

Hy2gen’s collaborations include its partnership with ammonia power technology provider Amogy (Norway) in November 2023 to collaborate in the field of renewable ammonia, and its partnership with Deep Wind Offshore the same month (through its subsidiary Hy2gen Norge AS) to secure a supply of renewable electricity for the production of renewable ammonia in Norway.

Hy2gen’s customers include shipping company Mitsui O.S.K. Lines (Japan), with whom it has signed an MoU to supply e-methanol as a marine fuel. E-methanol will be produced as part of Hy2gen’s Nautilus project in Friesoythe.

Funding and financials

In February 2022, the company raised EUR 200 million (USD 227 million) in a private equity round led by Hy24. The proceeds were used to deploy e-fuel production facilities in Europe and other locations to produce green hydrogen-based fuels for maritime and ground transport, aviation, and industrial applications.