Lhyfe, one of the world’s pioneers in the production of green and renewable hydrogen that can decarbonise industry and mobility, has announced that it has acquired a 49% stake in the Finnish company Flexens, a developer of renewable and green hydrogen and Power-to-X projects.
This is the first investment for Lhyfe, which illustrates its desire to expand rapidly in countries with big plans for renewable and green hydrogen. The move will accelerate the commercial deployment and Finland-based projects of both entities.
Flexens aims to become a leader in renewable and green hydrogen and Power-to-X from renewable energy sources. The company is aligned with Finland’s ambitions to become a European leader in Power-to-X. Flexens has a strong commercial pipeline with a total foreseen capacity exceeding 1.5 GW in Finland and abroad.
Flexens will launch the first 2.5 MW green hydrogen production unit in Lempäälä (expected to be operational in 2025), which will be connected to Finland’s first hydrogen refuelling station. The plant will be integrated into the local intelligent energy system LEMENE, owned by the energy company Lempäälän Energia.
With Lhyfe’s entry into the company, Flexens will benefit from the technological expertise of one of the most advanced players in the production of renewable and green hydrogen, to develop more projects, faster, and on a larger scale.
Through this investment, Lhyfe will be able to draw on a team of developers and experts with an excellent network in Finland and Northern Europe, and a project portfolio including one of the largest renewable green hydrogen projects in Finland.
Berndt Schalin, “Lhyfe is one of the pioneers in the market and is one of the companies capable of fast project execution. We are very much looking forward to intensifying our collaboration to use our knowledge of the Nordic markets to make new renewable and green hydrogen projects happen.”
Taia Kronborg, “Flexens is an expert and committed company that we have been fortunate to work with over the past months. Our common values and their knowledge of the local market convinced us to come together in order to achieve our respective goals more quickly.”