Rostock-based project developer H2Apex has acquired HH2E’s 1GW green hydrogen production plant in Lubmin, Germany.
Under an investor agreement, H2Apex will purchase the insolvent green hydrogen firm’s project subsidiary HH2E Lubminwerk to boost its hydrogen ambitions in northern Germany.
However, the deal is subject to the court approving the HH2E’s insolvency plan and the approval becoming final. As part of the agreement, H2Apex will reportedly commit €7m ($7.6m) to finance the acquisition.
Despite HH2E awarding a €45m ($49m) contract to Gerbrüder Karstens to construct the plant last year, the project never reached a final investment decision (FID). With the project, land and infrastructure acquired, H2Apex intends to complete the project.
H2APEX has been developing its own 100MW hydrogen plant in Lubmin since 2023, with plans to eventually scale the project up to 600MW. The first 100MW phase is slated to come online in 2028.
With the HH2E takeover, the company now controls two large–scale green hydrogen projects at the Greifswald Bodden.
The newly acquired development could see several hundred million euros invested in its first phase, with plans to scale from an initial 100MW to 1GW over time.
The company will handle construction and operations itself, leveraging expertise from previous successful projects and its extensive partner network.
“Lubmin is the most promising location for the German hydrogen industry, serving as a key hub in the country’s core hydrogen network and benefiting from its proximity to offshore wind farms,” explained Peter Röbner, CEO of H2Apex.
“This newly acquired project complements our existing engagement perfectly. It allows us to leverage synergies, enhance efficiencies, and gain a strategic competitive advantage.”
H2APEX acquired the project after HH2E filed for self-administration last November, following the withdrawal of funding by its majority shareholder, Foresight Environmental Infrastructure Limited (FGEN), for the planned 1GW hydrogen facility.
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