White Summit Capital – HyFive secures €28,7 million EU support for three green hydrogen plants.
Spanish green hydrogen platform HyFive, a subsidiary of energy transition infrastructure investor White Summit Capital (WSC), secured €28.7 million in financial support during 2023 for two green hydrogen projects in Spain and a mobility-related hydrogen plant in Germany.
The subsidies are linked to 75 MW in operational capacity, comprising about 40% of the 190 MW HyFive expects to operate by the end of 2026.
The largest of the projects that received European Union funding through the NextGenerationEU program is a 50MW green hydrogen production facility that will feed into a planned 100,000-tonnes e-methanol plant in the North of Spain. The plan is to double this plant’s capacity during a second phase.
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The other two projects include a 20MW electrolyser that aims to displace grey hydrogen consumption in a petrochemical complex in the South of Spain and a 5MW integrated electrolyser and hydrogen distribution facility, predominantly serving the mobility sector in Lindenberg im Allgäu, southern Germany.
Alberto Sánchez de Rojas, Chief Executive Officer at HyFive, said:
In 2023, the EU endorsed regulatory guidelines on issues such as the types of hydrogen deemed as green, or binding consumption quotas for so-called renewable fuels of non-biogenic origin.
“It is urgent to embed these into national laws and regulations to speed up adoption of green hydrogen and eFuels,”
“Only then will we be able to maximize the potential of renewable energy production.”
Pablo Pallás, Managing Partner at WSC, said:
Renewable gases will play a key role in the decarbonisation of heavy and energy intensive industries and are part of the solution for areas such as heavy transport and shipping. We are keen to support HyFive in making these projects a reality.
HyFive’s pipeline of projects is primarily geared towards areas where enforced regulation applies and where the EU seeks to accelerate decarbonization. These include eFuels, heavy duty transportation and certain energy intensive industrial applications such as cement, steel, and ceramics.
Launched in 2021 and fully owned by WSC, HyFive is a vertically integrated green hydrogen and derivatives producer. The company is developing a pan-European portfolio of projects with plans to reach 1.5GW in operational capacity by 2035.
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White Summit Capital – HyFive secures €28,7 million EU support for three green hydrogen plants. source
