Supplying regional and global demand: Hy2gen expands into the USA for the production of renewable fuels
With Hy2gen USA Inc., the USA becomes Hy2gen’s fifth international pillar for the production of renewable fuels
First project to produce renewable methanol in the U.S. for global player in the maritime sector, two more in development
Long-term goal to establish multiple renewable fuel production sites for marine and aviation sectors
Portland, Oregon, USA / Wiesbaden, Germany, October 10th 2023 – Hy2gen, the global developer, owner, and operator of facilities for the production of renewable hydrogen and hydrogen derived e-fuels, is expanding into the US with its fifth wholly-owned, country-specific subsidiary, Hy2gen USA Inc. Hy2gen USA joins its sister subsidiaries operating in France, Germany, Norway, and Canada to extend the company’s global footprint in developing, owning, and operating large-scale renewable “green“ hydrogen production plants. The move enables Hy2gen to more effectively focus resources on bringing emerging projects in the United States to fruition. Hy2gen USA Inc.’s first planned project will be a 300 MW electrolysis-to-e-methanol plant for a global maritime customer. Hy2gen USA intends to expand its production portfolio with at least two more projects producing renewable fuels for the marine and aviation sectors at various locations.
“Hy2gen USA Inc. will advance the production of renewable fuels in the USA with a first project for a global player from the maritime sector,” says Hy2gen CEO Cyril Dufau-Sansot. “To this end, we are developing, building, and operating new production facilities for e-methanol and other renewable fuels such as SAF (sustainable aviation fuel). The USA obviously has great potential for growing a sales market for renewable fuels once the framework conditions for their production are fully lined up. To produce renewable fuels, we need large amounts of renewable electricity, which is available in the US at interesting pricing options. The US excels in the hydrogen economy with tax incentives and expedited, technology-open permitting processes. This provides companies like us with reliable framework conditions that give them a crucial starting advantage in upcoming investment decisions.”
Strong support from local and international partners
David White, Managing Director of Hy2gen USA Inc., will lead these first three projects supplying near-term demand to maritime and aviation customers. “Due to my colleagues’ experience in the EU and our company’s competency with EU RED II regulations,” White notes, “we are well prepared to meet US hydrogen production standards when they are finalized and are initiating significant projects in the United States. The enthusiastic participation of local/regional supply chain partners, together with our major product off-takers, now enables us to start to decarbonize the hard-to-abate industries for which electrification is not a solution.”
About HY2GEN AG
Hy2gen AG, based in Wiesbaden, Germany, globally develops, finances, builds, owns and operates plants for the production of renewable fuels of non-biological origin (RFNBOs). The company specialises in the entire product range – from renewable hydrogen, commonly known as “green” hydrogen, to renewable ammonia and hydrogen-based e-fuels. The first plants will be built in France, Norway, Canada, Germany and the USA. Hy2gen’s goal is to become the market leader in the production of renewable hydrogen and its derivatives for climate-neutral mobility, agriculture, and industry.
Founded in 2017, the company’s first mover advantage is underlined by a current project pipeline in planning and construction of 1,9 GW and a project pipeline of over 12 GW of electrolysis capacity in development.
In 2019, Swiss commodity trader, Trafigura, and other private investors took a position in Hy2gen’s first round financing. In early 2022, Hy2gen closed a further €200 million from French technology and engineering firm, TechnipEnergies; Quebec pension fund, CDPQ; French sustainable investment manager, Mirova; and the €2 billion Hy24 Clean Hydrogen Infrastructure Fund backed by Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, Baker-Hughes, and Airbus, among others. This remains the largest green hydrogen-focused private capital raise to date.