Germany: HH2E Closes Funding Round With HydrogenOne and Foresight, Secures Financing Agreement for Five Major Projects

By May 16, 2022 5   min read  (947 words)

May 16, 2022 |

Fuel Cells Works, Germany: HH2E Closes Funding Round With HydrogenOne and Foresight, Secures Financing Agreement for Five Major Projects
  • HydrogenOne and Foresight acquire capital shares in the new green energy company HH2E AG. HH2E founders and board members retain majority ownership.
  • HydrogenOne and Foresight will invest directly in HH2E’s projects.
  • With its EUR 2.7 billion investment plan, which envisages a production capacity of several GW, HH2E is poised to become one of the largest producers of green hydrogen in Germany.

HH2E has developed a new generation, state-of-the-art power plant, the HH2E Plant, which can run on renewable electricity for a limited number of hours per day to provide a constant flow of zero-carbon electricity, green hydrogen and heat. Because it only uses the energy produced during the hours when energy prices are lower, its operating cost base is competitive.

Foresight and HydrogenOne have also signed a framework agreement for direct co-investments in HH2E’s projects. They will provide a significant part of the development and construction capital for five major projects. These projects are to be implemented at industrial locations throughout Germany and will cost more than €500 million in total.

HH2E Founders and Board Members Alexander Voigt, Andreas Schierenbeck and Mark Page welcome the new shareholders and look forward to working with HydrogenOne and Foresight as part of HH2E’s growth strategy.

“When we started HH2E, we wanted to build a company that would make the dream of a 100 percent renewable energy system possible. Today, our mission has become even more important as HH2E’s projects can help Germany reduce its energy imports as green energy sources become competitive on an industrial scale, thereby fighting global warming,” says Alexander Voigt, co-founder and board member at HH2E.

“Germany has one of the largest industrial and manufacturing sectors in the world. Those responsible in these sectors know they need to secure energy supplies, control energy costs and soon find low-carbon or zero-carbon solutions. Green hydrogen is the best, fastest and most economical way to replace natural gas in industries that cannot operate on a purely electric basis. HH2E will produce green hydrogen close to the industries that need it,” explains Andreas Schierenbeck, co-founder and board member at HH2E.

“We are pleased to have two major green energy institutional investors supporting our growth plans. This funding agreement allows for a massive acceleration of our development plans, which means that we plan to use a significant portion of the €2.7 billion to develop our sites over the next 5 to 6 years,” said Mark Page, co-founder and board member for HH2E.

In the coming years, the focus of HH2E activities will be on the decarbonization of existing industrial sites. In the medium term, the company plans to also develop new projects “on a green field”. For this purpose, HH2E has already identified several investment opportunities in the multi-gigawatt range in Germany.

Simon Hogan, Chairman of HydrogenOne, said: “HH2E is HydrogenOne’s second investment in a company developing clean hydrogen projects. HH2E identifies significant clean hydrogen projects in Germany that offer the potential for significant investments for our shareholders.

Matt Hammond, Partner at Foresight Group, comments: “Given the industry sector’s commitment to driving decarbonization with green energy, Germany represents an attractive market. This is also very strongly supported by the federal government and the development of a green hydrogen economy is being promoted. HH2E is well positioned to be a leader in this market and we look forward to supporting the company in realizing their mission.”

Germany aims to get almost 100 percent of its electricity from renewable sources by 2035, making the development of renewable energy production and the green hydrogen industry a top priority for the country in the coming decades. By 2030, the federal government aims to install 360 GW of wind and solar generation capacity and 10 GW of electrolyzer capacity.

About HH2E

HH2E is a new green energy company in Germany, founded to bring about immediate change. Its technology mix can convert a variable input of solar or wind energy into a constant flow of competitively priced green hydrogen, heat and carbon-free electricity to power local industries and communities. Learn more about the company, technology, projects and career opportunities at

About HydrogenOne

HydrogenOne was founded in 2021 with the aim of generating attractive capital growth through investments in a diversified portfolio of hydrogen and complementary hydrogen-based assets. INEOS Energy is a strategic investor in HydrogenOne. The company is listed on the Main Market of the London Stock Exchange (ticker code: HGEN).

About Foresight

Founded in 1984, Foresight Group is a leading public infrastructure and private equity investment manager. With a long-standing focus on ESG and sustainability-oriented strategies, the company aims to offer its institutional and retail investors attractive returns from private markets that are difficult to access. Foresight manages over 300 infrastructure assets with a focus on solar and onshore wind, bioenergy and waste, as well as renewable energy projects, energy efficiency management solutions, social and central infrastructure projects and sustainable forestry. The private equity team manages eight regionally focused investment funds across the UK, supporting over 130 SMEs. The Foresight Capital Management team manages four funds with £1.5 billion under management investing in listed real assets with environmental and social benefits. Foresight operates from 12 offices in seven countries across Europe and Australia and has £8.7 billion in assets under management as at 31 March 2022. Foresight Group Holdings Limited was listed on the Main Market of the London Stock Exchange in February 2021. Foresight Group Holdings Limited was listed on the Main Market of the London Stock Exchange in February 2021. Foresight Group Holdings Limited was listed on the Main Market of the London Stock Exchange in February 2021.


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