Foresight, through its funds, is to invest in a 100MW green hydrogen project in Germany.
Foresight managed funds, HH2E and HydrogenOne Capital Growth are developing the project, located in Borna, which will produce around 6000 tonnes of hydrogen a year, initially.
Further expansion is planned to increase the capacity of the plant to over 1GW with an annual production of over 60,000 tonnes of hydrogen.
The Borna plant will also incorporate high-capacity battery storage.
German green hydrogen developer HH2E will operate the plant under a newly formed company, HH2E Werk Theirbach.
The plant will serve green hydrogen customers and off takers, including companies in the mobility sector as well as large energy and industrial consumers, in the chemicals industry, commercial air and haulage.
The Foresight funds investing into HH2E include JLEN and FEIP.
JLEN is a listed investment fund with a diversified portfolio of environmental infrastructure assets. Meanwhile, FEIP is a sustainability-led €851.4m private Limited Partnership fund.
FEIP invests across the various infrastructure components necessary to build advanced decarbonised energy systems.
Foresight first invested into HH2E earlier in 2022.
In October 2022, Foresight announced its investment into a suite of green hydrogen projects in the north-west of England.
Joe Davis, Associate Director at Foresight Group, said: “We are delighted to be supporting HH2E as it makes significant strides in developing green hydrogen in Germany.
“Foresight has long recognised the important role green hydrogen can play in the energy transition through enabling hard-to-abate industries and heavy transport to benefit from renewable energy. Harnessing battery storage technology for hydrogen production demonstrates how forward thinking the HH2E team are.
“We look forward to seeing their progress as they develop cost-competitive solutions in this exciting and growing sector.”
Andreas Schierenbeck, co-founder and board member of HH2E, added: “The technology mix developed by HH2E harnesses the volatility of renewable energy production by combining an alkaline electrolyser with a high-capacity battery, which enables constant production of cost-competitive green hydrogen without a permanent supply of power.”