Hydrogen group Lhyfe expects its portfolio of projects in the construction phase to grow to 34MW by the end of year versus the 9MW seen at the end of 2022.
According to the group’s half year results for 2023, it has an additional 20MW of awarded projects in development.
Among its projects currently in construction is a 5MW unit in Buleon, France, with commissioning expected at end of 2023. Another 5MW unit in Bessieres, France is also expected to be commissioned at the end of the year.
In Germany, the company’s 10MW Schwabisch Gmund unit along with a hydrogen distribution station for the general public and a pipeline to supply the future “H2-Aspen” technology park with green hydrogen. The plant is expected to be operational in the second half of 2024.
The company will also launch a 1MW unit in Tubingen, Germany in the second half of 2023 aimed at supplying hydrogen-powered trains on the Pforzheim-Horb-Tubingen line from 2024.
Revenues from the group’s Bouin production unit in France increased during the first six months of the year, coming in at €400,000, growing 40% compared to the first half of 2022.
Lhyfe expects sales to accelerate in the second half of 2023, following the signing of new green hydrogen sale contracts.
In addition, it expects to see a strong increase in capacity production for the end of 2023, with up to four tonnes of green and renewable hydrogen produced per day compared to 300 kg at end of 2022.
Lhyfe’s half-year EBITDA was €15.3m, with a cash position of €127.7m as of 30 June, 2023.
Matthieu Guesne, Founder and Chairman-CEO of Lhyfe, stated: “Our first half of 2023 is in line with 2022, with a ramp-up of our production site in Bouin which will be operating at full capacity by the end of the year to address the growing demand from our clients.
“We also continued the deployment of our sites under construction, the first of which will be commissioned at the end of 2023, accelerated our investments, strengthened our teams across all our geographies, and concluded new partnerships and strategic agreements, particularly in offshore.
“Our projects currently under construction represent a total installed capacity of 34MW, enabling us to confirm the increase in our production capacity to 4 tonnes of green and renewable hydrogen per day by the end of the year. By the end of 2024, we aim to increase this figure to 22 tonnes, and to 80 tonnes by 2026.”