Lhyfe buys minority stake in Finnish green H2 developer

French green hydrogen company Lhyfe SA (EPA:LHYFE) said today it has acquired a 49% stake in Finnish renewable energy and hydrogen project developer Flexens Oy Ab.

Set up in 2018, Flexens was founded to take part in a demo renewable energy research initiative Smart Energy Aland. Currently, it employs 19 people. The Finnish firm’s pipeline includes projects with a combined capacity of more than 1.5 GW located in its home country. The list includes a 300-MW green hydrogen project in Central Ostrobothnia region’s Kokkola municipality, due to become operational by 2027 and a pilot project in the Aland archipelago that will produce green hydrogen for power-to-X applications.

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Lhyfe’s investment is aligned with its ambitions to expand its footprint in other countries, in addition to its presence in 11 European markets. According to it, the partnership with Flexens will help both companies to speed up their projects in Finland and Northern Europe, betting on their partnership since 2020.

Lhyfe aims to have more than 3 GW of installed capacity by 2030. This week, it joined hands with UK energy services company Centrica PLC (LON:CNA) to develop offshore green hydrogen in the UK.