New Energies, new possibilities

Danish electrolyser maker Green Hydrogen Systems (GHS) has secured a DKr80m ($11.2m) short-term loan from two of its largest shareholders, which will “allow the company more time to realise its commercial prospects and secure the first order(s) for the HyProvide X-series [of its new 6MW high-pressure alkaline electrolysers]”.

The company had told the market at the beginning of November that it was on track to deplete its remaining reserves in the first half of 2025 unless it could raise more finance — and that it was already in breach of covenant with its lenders, making it harder to obtain new loans from financial institutions.

In a new market statement, GHS said that shareholders AP Moller Holding (the parent company of shipping giant Maersk) and Danish state pension company, Arbejdsmarkedets Tillægspension (ATP), had “agreed to provide a short-term subordinated fixed loan facility of DKr80m expiring on June 30, 2025”.

This loan will “secure Green Hydrogen Systems’ funding to continue its operations to at least the end of March 2025”.

The statement added that “while no new firm orders have yet been committed, the Company is in close dialogues and contract discussions with a number of customers regarding HyProvide X-Series orders to be contracted in the beginning of 2025 with delivery during late 2025 and early 2026”.

“With the expectation that the Company will obtain the first order(s) for the HyProvide X-series during the beginning of 2025, Green Hydrogen Systems intends to initiate a rights issue of at least DKr300m with pre-emptive subscription rights for the Company’s existing shareholders to subscribe for the new shares during March to April 2025. “AP Moller Holding and ATP have, subject to the Company having achieved commercial traction with the X-Series, indicated their non-binding interest to participate in the rights issue.”

However, it also added: “There can be no assurance that the rights issue will commence or be completed.”

In the meantime, GHS is continuing to cut costs and will provide an update on cost savings in March 2025.

Source: HydrogenInsight

Europe’s green hydrogen revolution: three promising projects, but also fierce criticism – IOPlus

IO+ closely followed key developments in hydrogen in 2024. Despite major challenges, several promising green hydrogen projects progressed in Europe. In this overview, we highlight three high-profile initiatives from the Netherlands, Germany, and France.

Netherlands: flagship of European hydrogen production in Rotterdam

The flagship of European hydrogen production is currently rising on the Second Maasvlakte in Rotterdam. With an investment of 1 billion euros, Shell is building here the Holland Hydrogen I, the largest green hydrogen plant in Europe. The plant will produce 60,000 kilograms of renewable hydrogen daily with an electrolysis capacity of 200 MW. The hydrogen will be produced with electricity from the Hollandse Kust (north) offshore wind farm.

It was announced this year that Shell and TenneT have signed an agreement to connect the first large-scale hydrogen plant to the high-voltage grid. Because there is insufficient capacity at the current high-voltage substations, TenneT is building the new Amaliahaven substation. This temporary solution will allow Shell to start hydrogen production earlier while work on the final infrastructure is underway.

Germany: a Cologne hydrogen plant

In Germany this year, Shell made a final investment decision to build a large hydrogen plant in Cologne. The facility, equipped with a 100-megawatt electrolyzer, is to be operational by 2027. Although smaller than the Dutch project, this plant is an important part of Germany’s energy transition. Its strategic location in the industrial heart of Germany enables efficient distribution.

France: ‘Le Havre’ as hydrogen hub for domestic transport

France is also making great strides in the hydrogen economy with an impressive project. It was announced earlier this year that it is coming to the port of Le Havre. American industrial gas company Air Products is investing €1.1 billion in a renewable hydrogen import hub here. This facility will focus specifically on importing ammonia, which can then be converted into hydrogen for domestic transportation. In parallel, French company Qair is investing €500 million in an e-methanol plant at the same location. This combined investment of €1.6 billion makes Le Havre a crucial player in the European hydrogen economy.

Strong criticism from the European Court of Auditors

So while promising initiatives are taking place, not everything is positive when it comes to hydrogen in Europe. The European Court of Auditors earlier this year strongly criticized EU policy on sustainable hydrogen production. According to the auditors, the 2030 targets are unsubstantiated and unrealistic. In 2020, the European Commission set ambitious goals: by 2030, the EU would produce 10 million tons of green hydrogen and import another 10 million tons. However, these figures seem more driven by political ambitions than thorough research.

The Court points out that many EU member states are lagging behind and that their joint plans are insufficient to meet the targets. Moreover, a coherent strategy for hydrogen imports is lacking, which further calls into question the feasibility of the plans.

Netherlands in top 5

Industrial companies that want to become more sustainable find green hydrogen too expensive, making them reluctant to enter into long-term contracts. This hinders the development of hydrogen plants, including in the Netherlands. Yet the European Court of Auditors considers the Netherlands one of the five frontrunners in hydrogen. After Spain, the Netherlands has the largest number of hydrogen projects in preparation, although many are still in the early stages. Germany and Sweden lead the way in this regard with projects already more advanced.

Source:  Hydrogencentral