Lhyfe is committed to the development of green hydrogen in Finland. Indeed, the latter announced to take a 49% stake in the Finnish company Flexens. The latter is specialized in the development of green and renewable hydrogen projects as well as Power-to-X projects. This is Lhyfe’s first equity investment, which shows its willingness to expand rapidly in countries that rely on these energies.
Lhyfe partners with Flexens to become a leader in green and renewable hydrogen and Power-to-X
Flexens has acquired unique expertise in energy system modeling and project development through the Smart Energy Åland program. The company now has 19 employees and aims to become a leader in green and renewable hydrogen and Power-to-X.
Finland aims to become a European leader in Power-to-X and Flexens already has a strong commercial pipeline with a total planned capacity of more than 1.5 GW in Finland and abroad. This includes a well-advanced project in Kokkola (300 MW) that will contribute to Finland’s self-sufficiency in energy and ammonia.
Strengthened collaboration to accelerate current projects and identify new opportunities
To accelerate its growth in Finland and Northern Europe, Lhyfe has decided to partner with Flexens by taking a 49% stake. The two companies have already worked together on joint projects since 2020. Today, the companies have decided to formalize their partnership in order to combine their technological skills, market knowledge and commercial pipelines to accelerate ongoing projects and identify new opportunities in Northern Europe.
Lhyfe, which inaugurated the world’s first industrial green hydrogen production site in 2021, aims to have more than 3 GW of installed capacity by 2030. The company will have 3 new industrial sites in operation by the end of 2023 and has already announced several projects throughout Europe.
A promising alliance for both companies
Lhyfe will benefit from the expertise and experience of Flexens, which has an excellent network in Finland and Northern Europe, and a project portfolio including one of the largest green and renewable hydrogen projects in Finland. By partnering with Flexens, Lhyfe will be able to accelerate its current projects and identify new opportunities in Northern Europe, especially related to large offshore projects.
For its part, Flexens will benefit from the technological expertise of Lhyfe, one of the most advanced players in the production of green and renewable hydrogen, to develop more projects, more quickly and on a larger scale.