French green hydrogen developer Lhyfe has acquired a 49% stake in Finnish project development company Flexens.
The move will aim to accelerate the commercial deployment of both companies’ projects in Finland and Northern Europe.
Flexens, which was founded in 2018 to capitalise on expertise gained from the Smart Energy Åland (SMÅ) research programme, has developed capabilities in energy system modelling and project development.
The company, which now has 19 people on its staff, is “aligned with Finland’s ambitions to become a European leader in Power-to-X”.
Flexens has a commercial pipeline with a total foreseen capacity exceeding 1.5GW in Finland and abroad.
This includes the Kokkola project, which aims to bring online 300MW of electrolyser capacity by 2027 for producing ammonia, and the Smart Energy Åland demonstration project to demonstrate a society based on 100% renewable electricity, using hydrogen and PtX applications.
In 2025 Flexens will achieve COD at a 2.5MW green hydrogen production unit in Lempäälä, which will be connected to Finland’s first hydrogen refuelling station.
The plant will be integrated into a local smart energy system, owned by the energy company Lempäälän Energia.