BNP Paribas SA and Canadian Imperial Bank of Commerce have pledged their support for one of Germany's largest hydrogen projects, led by startup HH2E AG. The project aims to establish a 100-megawatts green hydrogen production plant in the Baltic port of Lubmin, with a target for a final investment decision by October. The backing of these major banks signifies the project's credibility and signals progress towards green energy initiatives. Green hydrogen, produced from renewable sources, is seen as essential for Europe's climate targets and shifting power-intensive sectors such as steel away from traditional fossil fuels. However, challenges remain in predicting future gas prices and establishing efficient transportation methods, which have contributed to investor caution in the hydrogen market. Despite these hurdles, government support in Germany, with significant investments in hydrogen infrastructure, is propelling projects like HH2E forward. The startup is now seeking larger investors to expand its project to about 1 gigawatt within the next decade, with Equinor ASA from Norway already engaged in advanced discussions. Current investors in HH2E include UK private equity firm Foresight Group Holdings Ltd. and HydrogenOne Capital Growth Plc, positioning the startup well for further growth in the evolving hydrogen sector.