French renewable hydrogen pioneer gets major new backing
French green hydrogen producer Lhyfe said it had secured a €10 million investment from leading Japanese trading and investment conglomerate Mitsui & Co, which it said will be used to develop more projects and expand to the stranger.
Lhyfe currently operates the world’s first industrial site to produce renewable green hydrogen from wind turbine power, which was inaugurated in 2021. It claims to have a sales pipeline of over 90 projects with start dates. of production between 2022 and 2028.
One of these projects concerns a “world first” offshore hydrogen production site connected to a floating wind turbine. The program will enter a test phase in the third quarter of 2022 and is expected to produce 400 kilos of renewable hydrogen per day.
The investment of 10 million euros from Mitsui is the first international investment and follows a fundraising of 66 million euros carried out last year from several French companies and reference shareholders.
“We are very proud to welcome such an important player as Mitsui as our first international partner”, declared Matthieu Guesné, CEO and founder of Lhyfe.
“This agreement with Mitsui will give a significant boost to our development in strategic international markets, to quickly and massively decarbonize transport and industry.”
Mitsui says he hopes to help Lhyfe identify business opportunities, improve Lhyfe’s competitiveness and pursue greater international expansion.
“Lhyfe has developed unique expertise in the production of renewable green hydrogen, as well as an ability to create ecosystems and a strong vision for the future of the sector,” said Hiroshi Kakiuchi, Managing Director of Mitsui.
Mitsui has already engaged in various hydrogen-related businesses and made investments in the hydrogen value chain in various regions around the world.
Mitsui is also a member of the Hydrogen Council, a global organization led by a number of leading companies in the fields of energy, transport, industry and investment, for the development of a more great economy of hydrogen.
Joshua S. Hill is a Melbourne-based journalist who has written about climate change, clean technology and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transportation is his feet.