H2APEX Group SCA has concluded a loan agreement for a total amount of €20mn ($21.41mn) with its shareholder Active Ownership Fund SICAV SIF SCS, strengthened by a comfort letter for €15mn ($16.06mn) granted by an investor from the Atlan Group, Fuel Cells Works reported on April 24. These funds are intended notably for the acquisition of a hydrogen project from HH2E at the Lubmin site and the continued development of the site.
Large-scale expansion objective at Lubmin
The new financing will allow H2APEX to secure the project’s needs until the final investment decision. According to Peter Rößner, Chief Executive Officer of H2APEX, the objective is to increase the electrolysis capacity at Lubmin up to 1,000 MW for the HH2E site and 600 MW for the existing project. The funds obtained will also ensure greater operational flexibility to support the industrial growth of hydrogen production.
Additional capitalisation planned for June 2025
In parallel, H2APEX is preparing a capital increase aimed at raising €30mn ($32.12mn), with the placement of shares to institutional investors excluding subscription rights. This fundraising is expected to include the conversion of the €20mn loan granted by Active Ownership, while the potential participation of the Atlan Group investor will reduce the obligations linked to the comfort letter.
Independence strategy amid market consolidation
The strengthening of internal production capacities comes against a backdrop of a slowdown in third-party orders in the hydrogen plant engineering sector. The consolidation of the German market also offers attractive acquisition opportunities for H2APEX, as the national demand for hydrogen becomes more predictable.
Peter Rößner stated that the reduction of political uncertainty, thanks to the coalition agreement in Germany and the integration of the carbon neutrality objective by 2045 into the constitution, improves planning security for the sector. In this context, H2APEX is actively working on project financing with external investors to ensure the expansion of its industrial hydrogen production.
