Foresight, partners tie up in 1-GW green H2 project in Germany

Funds managed by UK-based Foresight Group and its partners HH2E AG and HydrogenOne Capital Growth plc (LON:HGEN) today unveiled plans to build an over 1-GW green hydrogen production complex in Saxony, eastern Germany.

The trio will work to install a 100-MW plant with an initial annual output of around 6,000 tonnes. To be located in the town of Borna, Leipzig district, the facility will be capable of producing 60,000 tonnes of green hydrogen when the full proposed capacity is reached.

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The green hydrogen from the site is intended to be used in the mobility sector and will be also offered to large-scale energy and industrial consumers in the chemical industry and commercial air and road transport sectors.

Germany-based HH2E is the original developer and technology provider of the Thierbach project. It will also be in charge of operating the plant through a newly formed company dubbed HH2E Werk Theirbach GmbH.

In a separate statement, JLEN Environmental Assets Group Ltd (LON:JLEN) said it is buying a 33% stake in Foresight Hydrogen Holdco GmbH, a company that owns 7.6% of HH2E and also holds a 75% interest in the vehicle behind the Thierbach project. Foresight Energy Infrastructure Partners, another fund managed by Foresight Group, is also taking a 33% stake in the specific holdco.

HydrogenOne and Foresight Group agreed to acquire minority stakes in HH2E for a total of at least EUR 12 million (USD 13.1m) in May 2022.

(EUR 1.0 = USD 1.091)