H2PLT, a new renewable energy company based on green hydrogen and solar energy, just began operations to create Spain’s first green hydrogen microgeneration network.
Founded and promoted by the entrepreneur Sisco Sapena, president and founder of the public company, H2PLT has developed a proprietary model that allows innovative uses of hydrogen in underdeveloped applications, such as its use as a vector for reelectrification and application in electro-power stations or hydro generators.
The company seeks to promote electrified mobility and its innovative uses through “H2aX” applications and the development of small photovoltaic power plants dedicated exclusively to the generation of green hydrogen, through a model that can be replicated in a modular way in different parts of Spain and Europe.
To this end, it uses small photovoltaic farms and surplus solar electricity to manufacture green hydrogen by electrolysis. The hydrogen is stored and converted into electricity when needed by a fuel cell.
Its business model is based on the sale of hydrogen created by solar energy, its conversion into electricity during the night and sale to the wholesale market or through the network of own gas stations and hydrogenerators that will be created.
H2PLT already has 80 hectares in the El Pedernoso Solar Park (Cuenca, Spain) and from next year will have the potential to generate 2.5 tons of hydrogen per day and a capacity of up to 40 MW.
The company plans to start selling to the wholesale market from the fourth quarter of 2023. In addition, it has already begun planning the construction of one of Spain’s largest electric refueling stations in El Pedernoso, Cuenca, with more than 20 electric refueling stations, to which will be added the possibility of refueling hydrogen, which will be operational in the coming months.
At total capacity, according to a Power-to-Power model, which allows converting green hydrogen into electricity through fuel cells, the plant can supply renewable electricity to the equivalent of a population of 160,000 people per year.
The Power-to-Power model solves the problem of the intermittency of renewable energy and allows renewable energy produced during the day to be harnessed and used at night.
The company plans to go public on Euronext in the second half of 2023, and is considering dual-listing in the United States at a later date.
Founded in February 2022 with an initial capital of 210,000 euros, its current team amounts to six people, including international reference specialists in the fuel cell industry.