- Accelerating investments to build a European leader in green hydrogen production.
- Total commercial pipeline of 9.8 GW total production capacity at-end 2022 (vs. 4.8 GW mid-April 2022).
- Execution and progress of projects with 759 MW at an advanced stage of development[1] (vs. 381 MW mid-April 2022).
- Industrial scale-up underway with the first 5 MW modular sites come into operation: up to 4 t/day at end-2023 (vs. 0.3 t/day in 2022).
- 2026 financial targets confirmed.
| End-2022 | Mid-April 2022 | Change | |
| Units in Operation | 1 MW | 1 MW | – |
| Projects at an advanced stage of development1 | 759 MW | 380.5 MW | +378.5 MW |
| Project at “Advanced development[2]” stage | 4.1 GW | 2.3 GW | +1.8 GW |
| Projects at “Early stage2” stage | 5.0 GW | 2,2 GW | +2.7 GW |
| Total commercial pipeline | 9.8 GW | 4.8 GW | +5.0 GW |
FY 2022 results: accelerating investments to build a European leader in green hydrogen production
- 2.5-fold increase in workforce to 149 employees
- Accelerating development, company structuring and projects investments: EBITDA -€17.0m in 2022
- Cash position of €144.5m at end 2022 to finance the development of projects
Nantes (France) – During its meeting held on 21 March 2023, the Board of Directors of Lhyfe (Euronext Paris – FR0014009YQ1 – LHYFE), one of the world’s pioneers in the production of green and renewable hydrogen to decarbonize industry and mobility, approved its consolidated financial statements for FY 2022 (from 1st January to 31 December 2022). The consolidated financial statements were audited, and an audit certificate will be issued in April by the statutory auditors.
Matthieu Guesné, founder and Chairman-CEO of Lhyfe:
“2022 was a major year for our development: accelerated investments in hydrogen production site projects, expansion of our teams in all regions, continued investment in R&D, progress in our offshore developments, new strategic and industrial agreements, improved cash position, etc.
At the operating level, we passed a number of major milestones and by the end of 2022 had 50 MW in projects at the final stage of development and a commercial pipeline that reached 9.8 GW by
year-end, including 759 MW in projects at an advanced stage of development[3].
Thanks to this success, 2023 will see our production capacity rise to 4 tonnes of green and renewable hydrogen per day by year-end, vs. 300 kg at present.
Green hydrogen is destined to play a major role in cutting C02 emissions and supporting energy transition, and it is becoming ever clearer that Lhyfe holds all the cards needed to become one of Europe’s leading green hydrogen producers over the next few years.”
Actions successes and projects progress in 2022
Projects execution: 50 MW of projects achieving “Awarded” or “Construction” stages at end-2022
In 2022, Lhyfe kept a strong pace in project development, with 50 MW at “Awarded[4]” or “Construction4” stage by year-end, through 10 sites, showing a sound progress since April 2022 (+27.5 MW vs. mid-April 2022 during the IPO).
Lhyfe submitted 5 building permits and secured the land for 14 production unit projects in 2022.
Among the projects at “Construction” stage, the following stand out:
- Lhyfe Pays de la Loire (Bouin): capacity expansion of Lhyfe’s first production unit (approvals and equipment orders) was initiated in 2022. The current 1 MW capacity will be increased to 2.5 MW (around 1 tonne per day) in early 2024.
- Lhyfe Bretagne (Buléon): civil engineering works on the 2nd production site started in Q1 2023. The unit, expected to be commissioned in H2 2023, will have a 5 MW total production capacity (up to 2 tonnes of green and renewable hydrogen per day).
- Lhyfe Occitanie (Bessières): Lhyfe has been granted permit to build a 5 MW production unit in Bessières (Haute-Garonne). Commissioning is scheduled for end 2023.
- Lhyfe Bade-Würtemberg (Schwäbisch Gmünd, Germany): Lhyfe has submitted the permit to build on the land secured with the Schwabisch Gmund city a 10 MW production unit (capacity around 3 t/day). Plant commissioning is scheduled for the H1 2024.
- Tübingen (Germany): as part of the Deutsche Bahn and Siemens Mobility H2goesRail project, Lhyfe will launch installation of a 1 MW production site in the H2 2023 in Tübingen Germany, aimed at supplying hydrogen-powered trains on the Pforzheim-Horb-Tübingen line from 2024.
- Botnia Hydrogen (Sweden): Within the Botnia Hydrogen consortium, Lhyfe carries a project to develop hydrogen production and supply units in the north of Sweden. The 1st unit (1.5 MW production capacity) will address mainly HGVs and buses. The land and connexion have been secured. Production is expected to start in H2 2023.
Portfolio of projects at an advanced stage of development3 doubled by end-2022
By the end of 2022, Lhyfe’s commercial pipeline had significantly increased to 9.8 GW total production capacity (vs. 4.8 GW mid-April 2022).
Within the portfolio, projects at an advanced stage of development3 at year-end represented 759 MW in total production capacity (vs. 380.5 MW mid-April 2022).
| End-2022 | Mid-April 2022 | Change | |
| Units in Operation | 1 MW | 1 MW | – |
| Projects at “Construction[5]“ | 9 MW | 5.5 MW | +3.5 MW |
| Projects at “Awarded5“ stage | 40 MW | 17 MW | +23 MW |
| Projects at “Tender ready5“ stage | 710 MW | 358 MW | +352 MW |
| Projects at an advanced stage of development[6] | 759 MW | 380.5 MW | +378.5 MW |
| Projects at “Advanced development5“ stage | 4.1 GW | 2.3 GW | +1.8 GW |
| Projects at “Early stage5“ stage | 5.0 GW | 2.2 GW | +2.7 GW |
| Total commercial pipeline | 9.8 GW | 4.8 GW | +5.0 GW |
Major growth in green and renewable hydrogen production capacity expected in 2023 (x14 production capacity increase by year-end)
At end-2022, Lhyfe’s maximum production capacity totalled 300 kg of green and renewable hydrogen per day at Bouin alone.
Following the significant progress made in 2022 and ongoing constructions in 2023 with the commissioning of the first 5 MW modular sites in France, Lhyfe intends to expand its installed production capacity strongly in 2023, raising it up to 4 tonnes of green and renewable hydrogen per day.
€59.3m in grants secured by Lhyfe to date
As it grows, Lhyfe continues to demonstrate its ability to finance the accelerated decarbonisation of industry and mobility within Europe by obtaining, following national and European calls for competitive projects, grants to finance its own R&D and production sites being deployed.
Lhyfe secured a total of €16.4m in new grants in this past year, to add to the €18.7m it had previously obtained. The new grants in 2022 were for:
- renewable hydrogen production sites: €14.5m;
- R&D: €1.9m.
Moreover, new grants secured for production site since 1 January 2023 total €24.2m. It is worth highlighting:
TH2ICINO project (Towards H2ydrogen Integrated eConomies In Northern Italy), for which Lhyfe will design, build and operate a site of at least 5 MW renewable hydrogen production in Lombardy by 2025. This project is one of the 9 “Hydrogen Valleys” projects that received EU support through the Clean Hydrogen Partnership, in which industrial hydrogen consumers are coupled with production and distribution infrastructure to cover the whole hydrogen value chain in a specific region.
HOPE project (Hydrogen Offshore Production for Europe), led by a consortium coordinated by Lhyfe, which aims to build the first 10 MW renewable hydrogen offshore production unit in the North Sea off the coast of Belgium by 2025, has received a positive assessment following the 2022-TC01-10 call for proposals of the Clean Hydrogen Partnership, co-financed by the European Union. The project partners started the preparation phase of the subsidy agreement, which will end no later than May 2023.
Company structuring
International deployment
Present in 11 European countries, Lhyfe pursued its commercial development in 2022 opening new subsidiaries in 2022.
After opening subsidiaries in Spain and the UK in the first half of the year, Lhyfe opened another in Canada in Q4 2022, bringing the number of international subsidiaries dedicated to business development to 7.
Successful expansion of the workforce, in line with the Company’s deployment and investment plan
With a strong increase of its projects pipeline and growth of its corporate activities, Lhyfe recruited over 90 new employees in 2022 (2.5 fold increase in workforce). Several new key positions were created (Chief Financial Officer, VP Sales & Business Development, Head of HSE, Country managers for UK & Ireland and Spain, Head of HR, etc.).
By the end of 2022 Lhyfe had 149 employees (vs. 57 at end-2021), 38% of whom in engineering, 29% in sales development, 11% in operations and 22% in central functions, to help deal with accelerated project implementation. At-end 2022, 19% of all Lhyfe employees were based out of France.
2022 financial results
Annual consolidated income statement
| (€m – IFRS standards) | 31/12/2022 | 31/12/2021 |
| Revenue | 0.6 | 0.2 |
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