Two London-based investment companies have invested £10 million in HH2E, a German clean hydrogen startup, to support a “dramatic acceleration” in the company’s rollout over the next five years.
The new money from London-listed HydrogenOne and investment company Foresight Group will be channeled towards multi-billion and multi-gigawatt projects in Germany, according to HH2E, which creates initiatives to decarbonize industry using “green hydrogen” technology.
“This finance deal allows us to accelerate our development plans significantly and represents a significant percentage of the money we aim to invest on sites over the next 5-6 years,” said Mark Page, co-founder, and CFO of HH2E.
Both HydrogenOne and Foresight are set to invest £5 million in the company, which will be used in projects at industrial sites across Germany that are projected to cost more than €500 million to complete.
Germany, according to Foresight partner Matt Hammond, presents a unique opportunity for investors.
“Germany is an appealing market because of its industrial base’s ambition to decarbonize using green energy, and especially because of strong governmental support for building a green hydrogen economy,” he added.
“HH2E is ideally positioned to lead in this industry, and we are thrilled to be assisting the firm in realizing its vision.”
The funding injection from HydrogenOne and Foresight allows both companies to join the HH2E board of directors, as well as co-invest in the company’s projects.
