H2APEX Group SCA has completed a capital increase operation, raising EUR30mn ($32.5mn) gross through the issuance of 13,793,274 new shares to institutional investors. The operation excluded the subscription rights of existing shareholders and was carried out at a unit price of EUR2.20 per share. This issuance represents an increase in share capital of EUR214,106.03, bringing it to EUR778,490.94.
Fundraising structured between cash contribution and debt conversion
Among the subscribers, institutional investors contributed EUR10mn ($10.8mn) in cash, while Active Ownership Fund SICAV SIF SCS converted EUR20mn ($21.7mn) of claims from a convertible loan granted in April into capital. The transaction took place as part of a private placement, thereby cancelling the corresponding repayment and interest claims, which secures H2APEX’s financial structure.
Targeted financing for hydrogen expansion in Lubmin
A significant portion of the funds will be dedicated to paying for the acquisition of HH2E Werk Lubmin GmbH, recently finalised by H2APEX. The rest will be allocated to the development of the Lubmin hydrogen project, initiated in 2022. This project is intended to meet the growing hydrogen demand in the German market and strengthen H2APEX’s position among the industrial players in the sector.
The company specifies that this financing guarantees the continuation of the project until a possible decision regarding cooperation with a strategic partner. The new shares issued will be eligible for dividends from their date of issue. Their admission to the regulated market, as well as to the Prime Standard segment of the Frankfurt Stock Exchange, is expected at the beginning of August.
Impact on hydrogen production strategy
With this operation, H2APEX anticipates a strengthening of its industrial capacities and consolidation of its market shares in the context of an ongoing energy transition. The company notes that the expansion of its hydrogen facility in Lubmin comes as competitors are exiting the market. This dynamic could increase H2APEX’s influence in the German hydrogen sector, while industrial demand remains strong.
The development schedule of the Lubmin hydrogen project and the completion of the integration of HH2E Werk Lubmin GmbH will be the next key steps for the group.
