German green hydrogen firm HH2E has announced that it will file for self-administration after its majority shareholder pulled out of funding talks for its first hydrogen production facility.
HH2E today (November 8) said it had been negotiating funding for its 1GW Lubmin project with Foresight Group. An investee of Foresight, Foresight Environmental Infrastructure Limited (FGEN), took a majority shareholding in HH2E in May.
Despite those negotiations resulting in “final agreements” which the project developer expected to conclude this week, it said that Foresight pulled the funding on Thursday (November 7).
“Foresight Group reinformed HH2E AG that its investment committee had ultimately decided against providing the necessary funding,” a statement said. “Consequently, HH2E AG and its subsidiary, HH2E Werk Lubmin, are legally obliged to initiate insolvency proceedings.”
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