German inexperienced hydrogen producer HH2E has determined to file for self-administration and pursue a structured company restructuring course of after the corporate’s majority shareholder voted towards offering financing for HH2E’s first inexperienced hydrogen manufacturing facility in Lubmin.

Close to the coast, in Lubmin close to Greifswald, Western Pomerania, HH2E is proposing to construct 500 MW of electrolyzers and a pair of,000 MWh of batteries for the annual manufacturing of 60,000 tonnes of inexperienced hydrogen by 2030 using the Baltic Sea fuel pipelines.

Two months in the past, HH2E signed a €45 million contract with Gebrüder Karstens Bauunternehmung for the development of its flagship inexperienced hydrogen plant in Lubmin, anticipating to begin the works following the approval of the challenge below the German Federal Immission Management Act (BImschG) and the ultimate funding determination by HH2E shareholders.

Infrastructure and personal fairness funding supervisor Foresight Group grew to become the bulk shareholder of HH2E and its subsidiaries, together with HH2E Werk Lubmin, by a consolidation course of in Could 2024.

The German firm stated it had been in intensive negotiations with Foresight Group over the previous few weeks relating to the funding of its flagship inexperienced hydrogen manufacturing facility.

Based on HH2E, the negotiations yielded last agreements which had been anticipated to be concluded within the second week of November.

“Nevertheless, as of yesterday, Foresight Group reinformed HH2E AG that its Funding Committee had in the end determined towards offering the mandatory financing. Consequently, HH2E AG and its subsidiary, HH2E Werk Lubmin GmbH, are legally obligated to provoke insolvency proceedings,” HH2E stated in an announcement issued on November 8, 2024.

The corporate additional famous that the administration was ready and had taken proactive measures, meaning to file for self-administration on November 8 and pursue a structured company restructuring course of and give attention to securing a brand new investor “aiming to champion HH2E’s imaginative and prescient for establishing an industrial scale platform of inexperienced hydrogen manufacturing in Germany”.

“We stay dedicated to sustaining continuity and stability in our operations as we work towards a long-term answer. I’m satisfied we are going to quickly discover a strategic associate who shares our ardour for inexperienced vitality and might assist HH2E AG’s imaginative and prescient,” Alexander Voigt, CEO of HH2E, commented.

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