- The Thierbach HH2E project is located in the Borna region and is designed for an initial feed-in capacity of 100 MW by 2025. It can be scaled to more than 1 GW by 2030.
- The first phase of the project (100 MW) is backed by two major institutional investors in green energy and environmental infrastructure, Foresight and HydrogenOne.
- The preliminary investment decision (PID) was made by the consortium of HH2E, Foresight and HydrogenOne.
- HH2E reaffirms its goal of having a capacity of 4 GW in Germany by 2030. The company is on track to become one of the largest producers of green hydrogen in Europe.
The plant near Borna will be built and operated by HH2E as part of a newly established local company called HH2E Werk Thierbach GmbH . The plant will supply green hydrogen to customers including large industrial users in the chemical industry and commercial operators of air and ground transport.
The consortium developing the Thierbach Project consists of HH2E AG, Foresight Group (“Foresight”) and HydrogenOne Capital Growth plc (“HydrogenOne”). The initial investment is used for detailed engineering design and sourcing of durable items. The final investment decision (FID) is expected in 2023, just before construction of the facility begins.
After the Lubmin project, this is the second major project the company is announcing this year. The technology mix and design of these two plants and those that may follow are similar, using proven systems and components. This reduces risk and implementation time.
Alexander Voigt, Co-Founder and Board Member of HH2E, says: “What the HH2E team has achieved in such a short time is encouraging. Since 2021 we have completely rebuilt our company, designed the facilities, negotiated the supply of renewable energy and set up the distribution of green hydrogen. In addition to Borna and Lubmin, we have identified 15 other ideal locations for the production of green hydrogen in Germany. Our growth potential is impressive and we look forward to further advancing it together with our investors and partners.”
The Borna region played an important role in the industrialization of Germany as a brown coal region in the 19th century. Today, many opencast mines are closed and some are flooded. They form the great lakes that characterize the landscape today. In addition, large solar parks have been and are being built. They provide the renewable energy for the production of green hydrogen in the region.
Henry Graichen, district administrator of the district of Leipzig, says: “The district of Leipzig is in the midst of structural change and offers attractive location requirements due to the investment opportunities. The range of renewable energies makes it possible for companies to create a sustainable value chain. The development of the hydrogen economy is supported by the district of Leipzig as a strategic goal and the “H2 transfer region district of Leipzig” established in 2020 has created a platform for networking between stakeholders.”
The availability of green energy is one of the main reasons for companies and businesses to settle here today. The introduction of the production of green hydrogen in a region not only enables jobs to be preserved, but also the settlement of other companies and businesses.
Andreas Schierenbeck, co-founder and board member of HH2E, explains : “ Domestic production of green hydrogen is crucial to secure Germany a key role in the future global green energy sector, a sector that the governments of all major economies in the world strongly support. German industry will more easily remain competitive if it is not completely dependent on energy imports.”
The technology mix developed by HH2E takes advantage of the volatility of renewable energy production by combining an alkaline electrolyser with a high-capacity battery. This enables the constant production of inexpensive green hydrogen without a permanent energy supply.
Joe Davis, Associate Director at Foresight Group, adds: “We are delighted to support HH2E in advancing the development of green hydrogen in Germany.
Foresight has long recognized the important role that green hydrogen can play in the energy transition, enabling hard-to-reach industries and heavy-duty transport to benefit from renewable energy. The use of battery storage technology for hydrogen production shows how future-oriented the HH2E team is. We look forward to watching their progress in developing competitive solutions in this exciting and growing sector.”
Germany has some of the most innovative and advanced industries in the world, in almost every sector. Those in charge of these industries have recognized the need to embrace green energy, particularly in industries that require molecules.
Simon Hogan, Chairman of HydrogenOne, We are excited to start 2023 with our first investment in a clean hydrogen project, which is also the 10th private investment for our fund.
Germany is a leader in the development and production of green hydrogen in Europe and recently announced plans to build a 1800 km hydrogen pipeline by 2027. We are therefore very pleased to be actively involved in building this industry in the country. We look forward to working with our consortium partners to bring the Thierbach project to life. We see this as the first in a series of hydrogen supply projects where HydrogenOne has exclusivity on multiple opportunities in multiple countries.”
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About HH2E
HH2E is a new green energy company in Germany, founded to create 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. HH2E recently agreed financing for the development of 5 additional locations in Germany with two institutional investors. Learn more about the company, technology, projects and career opportunities at www.hh2e.com
About Foresight Group
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 more than 350 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 eleven regionally focused investment funds across the UK and one SME fund supporting Irish SMEs. This team audits over 2 each year. 500 business plans and currently supports more than 250 investments in SMEs. Foresight Capital Management manages four strategies across six investment vehicles with an AUM of £1.4 billion.
Foresight operates in seven countries in Europe and Australia and has £12.3* billion in assets under management. Foresight Group Holdings Limited was listed on the Main Market of the London Stock Exchange in February 2021. https://www.foresightgroup.eu/shareholders
About HydrogenOne
HydrogenOne is the first London listed hydrogen fund investing in clean hydrogen to make a positive impact on the environment. The Company was launched in 2021 with the investment objective of generating attractive capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen-focused 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). The company is an Article 9 Climate Impact Fund.
