Lhyfe Achieves Remarkable Growth in H1 2024 with Green Hydrogen Expansion
Key Ideas
- Revenue in H1 2024 quadrupled to €1.7m compared to H1 2023, driven by the consolidation of client portfolio and new offtake contracts signed in France and Germany, including a significant 5-year agreement with H2 Mobility.
- Bouin site in France is operating at full capacity with a 100% success rate in deliveries, while other sites are scaling up steadily, with a grant of up to €149m awarded by the French government for the Green Horizon project near Le Havre.
- Lhyfe has secured grants totaling around €243m, triple the amount compared to H1 2023, to support project development and construction, showcasing strong financial positioning with €93m available as of June 2024.
- Expansion of customer base with new contracts signed in France and Germany, strengthening Lhyfe's presence in the green hydrogen market and setting the stage for further growth and innovation in the industry.
Lhyfe, a pioneering company in the production of green and renewable hydrogen for decarbonizing industry and mobility, reported a remarkable performance in the first half of 2024. Revenue surged to €1.7m, a fourfold increase from the same period in 2023, driven by the consolidation of its client portfolio and the signing of new offtake contracts in France and Germany. The recent 5-year agreement with H2 Mobility, Europe's leading network of service stations, further solidified Lhyfe's position in the market. The Bouin production site is operating at full capacity with a 100% delivery success rate, while plans for scaling up production capacity are underway. Additionally, Lhyfe received a substantial grant from the French government for the Green Horizon project, demonstrating strong support for the company's initiatives. With around €243m secured in grants and €93m in cash reserves, Lhyfe is well-positioned for future growth and expansion. The company's growing customer base includes key players in the transportation and energy sectors in France and Germany, with long-term contracts signed to supply significant amounts of green hydrogen. Lhyfe's expansion efforts also extend to new sites in France and Germany, with innovative projects like the green hydrogen plant for Deutsche Bahn in Tübingen. The company's Founder and Chairman-CEO, Matthieu Guesné, emphasized the team's efficiency and commitment to innovation, highlighting Lhyfe's role as a pioneer in the sector. The positive sentiment surrounding Lhyfe's growth and sustainability efforts bodes well for its future in the green hydrogen industry.
Topics
Projects
Renewable Energy
Innovation
Sustainability
Investment
Economic Growth
Industry Decarbonization
Business Expansion
Cleantech
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