April 24, 2025 [Renewables Now]- Luxembourg-based green hydrogen plants developer and operator H2APEX Group SCA has secured financing of EUR 35 million (USD 39.95m) and is preparing a capital increase to support the establishment of up to 1.6 GW of electrolysis capacity in Germany.
H2APEX said on Wednesday that it will receive a loan of EUR 20 million from its shareholder Active Ownership Fund SICAV SIF SCS. The loan bears an interest rate of 7% and can be converted into H2APEX shares at a conversion price of EUR 2.20 per share. In addition, the Luxembourg-based company has been granted a comfort letter for an additional EUR 15 million from an investor in Atlan Group, which holds about 36.50% of H2APEX.
The financing commitments were revealed soon after H2APEX reached a deal to purchase a 1-GW hydrogen production project in Lubmin, northern Germany, from insolvent energy firm HH2E AG.
H2APEX said it will use part of the financing to fund the acquisition and to support the further development of the project. Additionally, the company will finance the establishment of another 600-MW electrolysis plant project in Lubmin, which has been in its pipeline since 2022.
Furthermore, H2APEX aims to raise EUR 30 million via a capital increase as it seeks to back the further development of its business model. The offering will be conducted in June and will target institutional investors. H2APEX expects that the conversion of the EUR-20-million loan will be part of the capital increase. Atlan Group investor is also expected to take part in the deal. As a result, H2APEX obligations under the comfort letter will be reduced depending on the extent of the participation.
“The development of our own hydrogen projects has been an important component of our strategy for some time. Now is a very good time to focus on our own project pipeline. On the one hand, the market has reached a stage where the demand for hydrogen in Germany can be estimated with sufficient certainty. On the other hand, consolidation in Germany offers us opportunities to expand our own pipeline by acquiring attractive hydrogen projects. Furthermore, political uncertainty is significantly decreasing thanks to the conclusion of the new coalition agreement, which aims to give Germany a leading role in a European hydrogen initiative,” H2APEX’s CEO Peter Roessner commented in the statement.
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