© Hy2gen
Green hydrogen developer Hy2gen has raised €47 million ($54 million) in a new funding round to advance its international portfolio of renewable hydrogen and derivative projects. The round was led by low-carbon hydrogen asset manager Hy24, with continued backing from Technip Energies and BenDa, the family fund of Hy2gen’s Chair Dana Kallasch.
This capital injection will help move key projects in Europe and North America to final investment decisions (FID) and prepare for construction, with several targeted to break ground by 2027. The company’s overall pipeline totals around 2GW of planned electrolysis capacity and more than €5 billion in investment.
Courant Project in Quebec Leads Development Timeline
The 300MW Courant project in Quebec is currently Hy2gen’s most advanced large-scale development. With a capital expenditure of €2 billion, it will supply green hydrogen for ammonium nitrate production sold exclusively in the province. The project has secured 307MW of hydropower from Hydro-Quebec and is expected to begin construction by 2027.
CEO Cyril Dufau-Sansot emphasized the competitiveness of this model: explosives made with Courant’s hydrogen could match or undercut current U.S. imports of ammonium nitrate.
Iverson and Fos-Marseille Projects Target Strategic Sectors
In Norway, Hy2gen has taken full control of the Iverson project after acquiring Trafigura’s stake in 2024. The plant is designed to produce 200,000 tonnes of renewable ammonia annually using hydropower, with operations targeted for 2030. The project is being co-developed with Copenhagen Infrastructure Partners.
Hy2gen is also working with H2V in southern France on a 390MW facility aimed at producing 75,000 tonnes of synthetic aviation fuel (e-SAF) for the aviation sector. Located in the Fos-Marseille industrial area, the project has a capex of €1.5 billion.
Expansions and New Projects in Germany and Mexico
In Germany, Hy2gen operates the Atlantis plant in Werlte, which began producing renewable methane from green hydrogen in 2023. A 5MW expansion is currently planned.
Outside Europe and North America, Hy2gen has signed an agreement with the Mexican state of Campeche to develop a 200MW renewable ammonia plant aimed at exporting to the European Union.
Investor Confidence Remains Strong
Pierre-Etienne Franc, CEO of Hy24, highlighted Hy2gen’s broad portfolio and execution capability: “The company has mobilized a highly experienced team and addressed the challenge of industrial scalability and decarbonization.”
Arnaud Pieton, CEO of Technip Energies, said: “We are pleased to continue to support Hy2gen’s mission to drive decarbonization forward.”
Dana Kallasch, Chair of Hy2gen’s Supervisory Board, added: “The recent capital increase represents a pivotal contribution to our shared vision of a sustainable, green future.”
