Foresight managed funds, alongside consortium partners HH2E AG and HydrogenOne Capital Growth plc, are pleased to announce the development of a green hydrogen electrolysis plant to produce around 6,000 tonnes (over 200,000 MWh) of green hydrogen per year during the first 100MW phase. This will include high-capacity battery storage.
Located in Borna, Germany, further expansion is planned to increase the capacity of the plant to over 1GW with an annual production of over 60,000 tonnes of green hydrogen.
The Foresight funds investing into HH2E include JLEN and FEIP. JLEN is a listed investment fund with a diversified portfolio of environmental infrastructure assets. Meanwhile, FEIP is a sustainability-led €851.4m private Limited Partnership fund. FEIP invests across the various infrastructure components necessary to build advanced decarbonised energy systems.
Foresight first invested into HH2E earlier in 2022. In October 2022, Foresight announced its investment into a suite of green hydrogen projects in the North West of England. Combined, this demonstrates Foresight’s commitment to this growing sector and the opportunities it presents.
HH2E, a green energy company based in Germany, will operate the plant in Borna under a newly formed company, HH2E Werk Theirbach GmbH. The plant will serve green hydrogen customers and off-takers, including leading companies in the mobility sector and large-scale energy and industrial consumers such as the chemical industry and commercial air and road transport operators.
Joe Davis, Associate Director at Foresight Group, said:”We are delighted to be supporting HH2E as it makes significant strides in developing green hydrogen in Germany.
“Foresight has long recognised the important role green hydrogen can play in the energy transition through enabling hard-to-abate industries and heavy transport to benefit from renewable energy. Harnessing battery storage technology for hydrogen production demonstrates how forward thinking the HH2E team are. We look forward to seeing their progress as they develop cost-competitive solutions in this exciting and growing sector.”
Andreas Schierenbeck, co-founder and board member of HH2E, added:”Domestic green hydrogen production is crucial to secure a key role for Germany in the future global green energy sector, a sector that is receiving major support from governments in all the world’s major economies. German industries will more easily be able to remain competitive if they are not totally dependent on energy imports.
“The technology mix developed by HH2E harnesses the volatility of renewable energy production by combining an alkaline electrolyser with a high-capacity battery, which enables constant production of cost-competitive green hydrogen without a permanent supply of power.”
Simon Hogan, Chairman of HydrogenOne, commented:”We are pleased to start 2023 with our tenth investment, and first investment in a clean hydrogen project. Germany is leading the way in green hydrogen development and production in Europe with plans to develop a 1,800 km hydrogen pipeline by 2027, so we are delighted to be actively involved in building out this industry. We look forward to working with our consortium partners to bring the Thierbach project into production. We expect this to be the first of a number of hydrogen supply projects, where the Company has exclusivity on multiple opportunities in several countries.”