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GLS Bank Financing the Largest Green Hydrogen Mobility Project in Germany

By April 26, 2020 3   min read  (604 words)

April 26, 2020 |

German Hydrogen GLS Bank
  • Green hydrogen enables a change in mobility

Together with two regional partners, GLS Bank is financing the largest green hydrogen mobility project in Germany to date.  

Sector coupling is the key word. The individual sectors of the energy system are interconnected: traffic, heating and power generation. “Coupling” these areas together ensures efficient – and thus more sustainable use of resources. Experts are convinced that it is an elementary component of the energy transition.

“EFarm” for green network infrastructure

It is precisely this sector coupling that GLS Bank customer GP JOULE GmbH has dedicated itself to. The eFarm project includes a green orientation from start to finish: Renewable energy is used at five wind farms in the region and converted into hydrogen on site. This hydrogen then goes to two public petrol stations in Husum and Niebüll. Two fuel cell buses and five fuel cell cars are also part of the project. They fill up with the regionally produced hydrogen. In the future, the two buses will be used in local public transport in North Frisia and thus enable emission-free, climate-friendly mobility for everyone – with renewable energies from the region. 

Heat is also generated during the production of the hydrogen. It is used in local heating networks and thus ensures local heat supply, completely without oil and natural gas. 

“The e-farm project enables us to build a complete value chain from renewable energies and to make it usable and tangible for everyone in the region,” explains Ove Petersen, founder and CEO of GP JOULE GmbH. “With the e-farm, we create additional added value from renewable energies on site, wherever they are generated. This strengthens the acceptance for the further expansion of wind and solar power and shows that everyone in the region can benefit directly from the energy transition, ”continues Petersen. “With the e-farm, we create additional added value from renewable energies on site, wherever they are generated. This strengthens the acceptance for the further expansion of wind and solar power and shows that everyone in the region can benefit directly from the energy transition, ”continues Petersen. explains Ove Petersen, founder and CEO of GP JOULE GmbH. “With the e-farm, we create additional added value from renewable energies on site, wherever they are generated. This strengthens the acceptance for the further expansion of wind and solar power and shows that everyone in the region can benefit directly from the energy transition.”

Sustainable funding for transformation

The project is made possible by funding from the Federal Ministry of Transport and a so-called syndicated loan. In addition to GLS Bank, VR Bank Westküste eG and Nord-Ostsee Sparkasse, they are financing the total amount of EUR 7.4 million initially and EUR 4.4 million in the long term. GLS Bank is the lead manager for the project in Northern Germany and is thus fulfilling its approach of socio-ecological transformation through innovative and sustainable financing. “Sustainable economy needs 100% renewable energy. That only works if we use renewable energies across sectors. We use hydrogen as a detour to bring wind energy into the tank. That is part of the mobility solution, ”says Dirk Kannacher, Managing Director of GLS Bank.

About the GLS Bank

At GLS Bank, money is there for people. It only finances socio-ecological companies and makes its business fully transparent. The bank offers all the services of a modern bank: checking accounts, sustainable funds, pension plans and much more. As a cooperative bank, everyone can subscribe and have their say. The area of ​​donations and gifts is covered by her partner GLS Treuhand. GLS Bank is based in Bochum and has offices in Berlin, Hamburg, Frankfurt, Freiburg, Munich and Stuttgart

 

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