Lhyfe raises 10 million euros from Japanese conglomerate Mitsui & Co. for growth in green hydrogen production

French green hydrogen producer Lhyfe and Japanese trading and investment company Mitsui have entered into a Memorandum of Understanding (MoU) for a strategic alliance aimed at further growth of Lhyfe’s renewable green hydrogen business including international expansion.
Lhyfe raises 10 million euros from Japanese conglomerate Mitsui & Co. for growth in green hydrogen production
Courtesy of Lhyfe/Mitsui.

Mitsui has invested 10 million euros in Lhyfe and follows the raising of 66 million euros by Lhyfe in 2021 from Andera Partners, Swen Capital, CDC Banque des Territoires and several of its original shareholders.

Lhyfe has developed the world’s first industrial site to produce renewable green hydrogen using power from wind turbines, which it inaugurated in 2021. The company is already active in ten countries in Europe (France, Germany, Belgium, the Netherlands, Denmark, Sweden, Finland, Norway, Spain and Portugal), and has a sales pipeline of over 90 projects, spread across 11 countries and with production start dates between 2022 and 2028. Lhyfe’s target markets are transportation and industry.

In addition, a development programme for offshore hydrogen production underway by Lhyfe since 2019 will see the world’s first offshore hydrogen production site connected to a floating wind turbine enter the test phase in the third quarter of 2022. This pilot site, which will produce 400 kilos of renewable hydrogen per day, will confirm the company’s technological advance in offshore hydrogen production. Lhyfe will thus be the first operator in the world to have an onshore and offshore experience curve.

Mitsui has actively engaged in a wide spectrum of hydrogen related business and made investments across the hydrogen value chain in various regions with the aim of contributing to build a responsible and low-carbon energy model. Mitsui is a member of the Hydrogen Council (a global organisation led by a number of leading companies in the fields of energy, transport, industry and investment for the development of the hydrogen economy).

“Lhyfe has developed unique expertise in renewable green hydrogen production, as well as an ability to create ecosystems and a strong vision for the future of the sector” said Hiroshi Kakiuchi, Managing Officer of Mitsui. “We are very excited to work with Lhyfe to build local and virtuous ecosystems together.”

Lhyfe benefited from the support of BNP Paribas, which acted as its financial advisor for the fund raising. Founding member of the Hydrogen Council, BNP Paribas has created a Low Carbon Transition group, a network of experts, dedicated to advising, financing and more generally supporting development of a low-carbon economy. BNP Paribas works actively to contribute to the establishment of local ecosystems bringing together all players in the hydrogen value chain and sustainably supports its customers in the large-scale development of the sector.

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