A 9.1 GW projects pipeline at end 2024

At the end of 2024, Lhyfe's projects pipeline^[2] represented a total electrolysis capacity of 9.1 GW (versus 9.5 GW in June 2024).

This portfolio of projects is dynamically managed by Lhyfe's teams, who work to transform and mature each project. Projects at an advanced stage of development^[3]represented a total production capacity of 558 MW at the end of the year (vs. 598 MW at end of June 2024).

During the 2^nd half of 2024, Lhyfe's teams continued to work on the development of bulk, on-site and backbone sites projects, with significant milestones achieved during the period for several of them^[4]:

On bulk projects (hydrogen delivered by road in containers):

Awarding in December of a c.€11m subsidy for a 10 MW plant in Sweden, in Vaggeryd, which will be able to produce up to 4.4 tonnes of green hydrogen per day. The Vaggeryd project is the second 10 MW project of Lhyfe in Sweden to receive a grant from Klimatklivet.

On on-site projects (hydrogen supplied to a main customer via a direct connection):

Signing of an exclusive partnership with Elyse Energy, a pioneer in the production of low-carbon molecules, in order to develop the production of e-methanol from green hydrogen that would be produced by Lhyfe in a production unit (up to 85 tonnes per day) to be built, as part of a call for proposal launched by Nantes Saint-Nazaire Port and won by Lhyfe.
Signing of a partnership with OX2, one of Europe's largest onshore wind developers, and Velarion, to create a hydrogen-based industrial cluster in Ånge, Sweden, including a c.300 MW plant capable of producing up to 100 tonnes of green hydrogen per day to be notably used by Velarion's carbon-neutral fertilizer plant within this industrial cluster. In October 2024, the Ånge municipality approved the construction of the wind park to be built by OX2 to supply Lhyfe's hydrogen production site with renewable electricity.

Over the year Lhyfe continued to secure subsidies^[5]to support the deployment of its projects, totaling €242m at end of 2024.

Rolling-out of our co-development strategy: signing a Memorandum of Understanding with Masdar

At the beginning of 2025, Lhyfe and Masdar, the UAE's clean energy leader, signed a Memorandum of Understanding (MoU) to explore co-development opportunities in large-scale green hydrogen production projects in Europe.

The MoU was signed at the Abu Dhabi Sustainability Week (ADSW) 2025 and is part of the strategy announced in 2024 by Lhyfe to co-develop projects with financial or industrial investors seeking to invest in green hydrogen production projects.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030 and aims to be a leading producer of green hydrogen in the same timeframe with the objective of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.

ESG performance: ranked n°1 in Europe

Lhyfe improved its ESG rating by obtaining in November 2024 ^[6] the Platinum certificate, the highest level of certification by extra-financial rating agency EthiFinance. With a rating of 86/100, up +17 points over 2 years, Lhyfe confirms the performance of its business model and ranks 1^st among European companies in its Industry/Utilities sector (out of 73 companies) and 7^th in France for all sectors combined.

This performance reflects the commitment and constant efforts of Lhyfe's management and all the teams to develop the company's business model and thus participate in the decarbonization of entire sectors of transport and industry while guaranteeing the satisfaction of all stakeholders.

Optimizing our power consumption

Lhyfe has decided to join forces with Energy Pool to leverage the inherent flexibility of electrolysers it uses in some of its French production sites. For a period of five years starting in 2025, Lhyfe will be able to respond instantly to signals from the electrical grid, offering valuable grid balancing services to the French grid operator. These services will help to enhance grid stability and efficiency, facilitate the integration of renewables and reduce the ecological impact and the cost of Lhyfe's energy consumption, thus having a favorable impact on the price of green hydrogen. This collaboration covers in particular the sites of Buléon, Bessières and Le Cheylas, with a combined capacity of 30 MW.

Financial calendar

Date	Release
Thursday 27 March 2025 (before opening)	FY 2024 results (audited)
Friday 23 May 2025	General Meeting

Saudi Arabian Oil Keynote address by His Excellency Yasir Al-Rumayyan at the Middle East Institute Highlights Hydrogen Efforts