Global renewable hydrogen producer Hy2gen has raised €47m ($53.5m) from existing investors to accelerate the development of its portfolio of green hydrogen, e-fuels, and green ammonia projects across Europe, Canada and South America.
The capital raise, announced today (29 April), was led by Hy24’s Clean Hydrogen Infrastructure Fund alongside Technip Energies and founding investor BenDa.
The financing is expected to support growth in a sector that still faces challenges including high production costs, regulatory uncertainty, and the need for long-term offtake agreements to secure project viability.
Hy2gen said the funding would help move its most advanced projects towards final investment decision and then construction. Its current portfolio includes green ammonia, e-methanol, e-methane and e-SAF projects targeting hard-to-abate sectors such as shipping, aviation and fertilisers.
Among its key developments are the 300MW Courant project in Canada, which is a renewable ammonia and ammonium nitrate plant; the Atlantis extension in Germany, which began producing renewable hydrogen in 2023; and the Iverson project in Norway, aiming to produce 200,000 tonnes of renewable ammonia annually using hydropower.
Hy2gen is also collaborating with France’s H2V on a 390MW project in the Fos-Marseille industrial basin in France, intended to produce 75,000 tonnes of e-SAF annually.
Cyril Dufau-Sansot, CEO of Hy2gen, said the fresh funding would help the company complete planning and certification stages and transition its projects to industrial-scale production.
“Our trajectory remains to lead the development of the renewable hydrogen industry,” he said.
The latest investment builds on Hy2gen’s €200m ($228m) capital raise in early 2022, which at the time was one of the largest private hydrogen capital raises. The company’s total project pipeline now comprises 3.4GW of electrolysis capacity in planning and construction, and a further 15GW in development.
