Berlin, 23. May
HH2E is delighted to announce the successful completion of its consolidation process, initiated at the end of 2023, which marks a pivotal step in preparing for the next chapter in the company’s journey. HH2E aims to establish 4 GW of green hydrogen production across various locations in Germany by 2030, heralding a new era in sustainable energy.
So far, HH2E operated as a holding entity, co-owning several project-specific Special Purpose Vehicles (SPVs), including the HH2E-Werk Lubmin SPV, the HH2E-Werk Thierbach SPV, and four other project SPVs across Germany. These SPVs, each co-owned by different investors, were under the management of HH2E. The restructured corporate model now sees HH2E AG assuming full ownership of all HH2E-Werk SPVs, transitioning the existing SPV investors into shareholders of HH2E AG.
This strategic reorganisation streamlines the corporate framework, optimally positioning the company for future growth. As a result of the consolidation, Foresight Group, a leading listed infrastructure and private equity investment manager, emerges as the major shareholder of HH2E AG, while HydrogenOne maintains its stake at approximately 11%. The co-founders, together with other private shareholders, hold the remaining 34%.
Alexander Voigt, co-founder and CEO, commented, “In anticipation of our upcoming external investment round, we encountered an exceptionally high number of expressions of interest from both financial and strategic investors. The prevailing sentiment favoured a simpler corporate structure and a larger business size, necessitating the now-completed consolidation. Our forthcoming objective is to initiate the Series B investment round for HH2E AG. We extend our deepest appreciation to Foresight Group and HydrogenOne for their steadfast support since our Series A investment round and their continued belief in our vision.”
This consolidation marks a significant transition for HH2E, also heralding changes within the management team. Effective June 1, Marcus Süllmann will join as CFO, bringing a wealth of experience and a proven track record obtained in many different industries and executive roles in corporate finance and controlling, such as CFO of Vodafone, global procurement and roaming; Head of Group Control at IKANO, the Kamprad family-owned (IKEA) investment group; Head of Global Controlling at DHL Express; or Regional CFO of the Kellogg Company, amongst other roles.
Securing continuity, Alexander Voigt and Peter Blauwhoff will maintain their positions on the management board, with Peter overseeing project development and commercial operations.
Mark Page has announced that he will leave the management board following completion of the consolidation measures to pursue a new professional challenge. He stated: “I am very proud of what we as a team have achieved so far with HH2E in three intense years and look forward to seeing the company continue to prosper as it builds a leading position in Germany’s green hydrogen market. The platform for further investment in an efficient capital structure has been established and I will continue to support as a significant shareholder.”
Recently, also Andreas Schierenbeck embarked on a new professional challenge. Andreas and Mark will remain shareholders, and Andreas will also become an advisor to the HH2E management team. Anticipated further changes to the supervisory and advisory boards of HH2E will be disclosed following the upcoming external investment round.
Alexander Voigt further stated, “Establishing a company of HH2E’s scale and impact is a formidable challenge and a once-in-a-lifetime opportunity. We could not have reached this milestone so swiftly without the expertise and dedication of Andreas and Mark. We are immensely grateful for their contributions to HH2E and for the willingness of Andreas to continue working with our company.”
Founded in 2020 as a project development firm, HH2E has successfully met its expected milestones, including identifying prime locations for green hydrogen production in Germany, developing unique technology-mix and plant design, and strategically advancing commercial and power purchase initiatives. The company has secured its initial hydrogen offtake agreements and has made substantial progress in marketing and sales efforts. Importantly, key equipment acquisitions are extremly advanced. The consolidation process also promises to enhance HH2E’s relationships with customers and renewable power suppliers.
Investment Director, Joe Davis, from Foresight Group stated, “We understand HH2E’s solid business strategy, promising project pipeline, and the team’s expertise and experience. This has motivated our majority equity investment in the company, aiming to support its evolution into a leading green utility of the future. We are committed to working closely with the company’s management team to realise its strategic vision. The organisational restructure is designed to increase the company’s attractiveness and draw additional investors to further scale the platform.”
Dr JJ Traynor, from HydrogenOne added, “With these changes, HH2E has the platform to attract material new capital and scale the business, to become one of Europe’s largest producers of green hydrogen and support the energy transition away from traditional fossil fuels. The restructuring also offers HydrogenOne exposure to the promising Lubmin project, which is an exciting development for our shareholders.”
