A local German court has approved green hydrogen developer HH2E’s preliminary self-administration application, kickstarting the firm’s restructure after funding talks fell through.
Last week, the company announced it would file for self-administration after its majority shareholder, Foresight Environmental Infrastructure Limited (FGEN) pulled funding for its first green hydrogen plant in Lubmin.
Read more:HH2E files for self-administration as Foresight withdraws funding for 1GW hydrogen project
HH2E has announced that on Tuesday (November 12), the Local Court of Berlin-Charlottenburg approved the application and appointed Dr. Gordon Geiser of GT Restructuring as preliminary custodian.
Marking a key step in the firm’s restructure, it is hoped to secure new investment.
The company has also appointed “restructuring experts” Sascha Feies and Dr. Karl-Friedrich Curtze of GÖRG to the leadership team of the subsidiary carrying out its Lubmin project, HH2E Werk Lubmin GmbH, as well as HH2E AG’s board.
Expected to result in a structured merger and acquisition process, the proceedings aim to find a new investor to bolster HH2E’s plans, while preserving assets and employees.
H2 View understands that the company’s subsidiary, HH2E Werk Thierbach GmbH, set up to build its second project is not subject to insolvency proceedings.
HH2E said it has already received interest from a “number of reputable parties” since announcing its decision to file for self-administration.
While acknowledging that self-administration wasn’t part of its original plans, Alexander Voigt, co-founder and Management Board Member at HH2E, stressed, “Our foundation is built on a solid business concept and a future-driven market.”
On November 8, HH2E announced it would file for self-administration after FGEN pulled out of providing additional funding for the 1GW Lubmin project that was expected to be concluded in a matter of days.
FGEN invested €22.3m into HH2E in July, and the developer sought additional third-party funding for its Lubmin project.
Foresight said its board did not believe providing further funding was “appropriate,” in the context of the “current market environment.”
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