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Lhyfe raises 10 MM euros from Japanese conglomerate Mitsui & Co.

Mitsui’s investment follows the raising of €66 MM by Lhyfe, in 2021, from Andera Partners, Swen Capital, CDC Banque des Territoires and several of its original shareholders. It reflects rapid growth experienced by Lhyfe since its launch. 

Lhyfe has developed the world’s first industrial site to produce renewable green hydrogen (H2) using power from wind turbines, which it inaugurated in 2021. The company is already active in ten countries in Europe (France, Germany, Belgium, the Netherlands, Denmark, Sweden, Finland, Norway, Spain and Portugal), and has a sales pipeline of over 90 projects, spread across 11 countries and with production start dates between 2022 and 2028. Lhyfe’s target markets are transportation and industry.

In addition, a development program for offshore H2 production underway by Lhyfe since 2019 will see the world’s first offshore H2 production site connected to a floating wind turbine enter the test phase in the third quarter of 2022. This pilot site, which will produce 400 kilos of renewable H2 per day, will confirm the company’s technological advance in offshore H2 production. Lhyfe will thus be the first operator in the world to have an onshore and offshore experience curve. 

Mitsui as one of its portfolios has actively engaged in a wide spectrum of H2 related business and made investments across the H2 value chain in various regions with the aim of contributing to build a responsible and low-carbon energy model. Mitsui is a member of the Hydrogen Council (a global organization led by a number of leading companies in the fields of energy, transport, industry and investment for the development of the H2 economy). 

In a favorable context for the development of H2, Mitsui has decided to invest in Lhyfe as a strategic investor, believing strongly in the company and in its ability to deploy its solutions widely. Mitsui, by utilizing its global network and assets around H2 related businesses, intends to support Lhyfe in identifying commercial opportunities, enhancing Lhyfe’s competitiveness, and pursuing international expansion. 

"Lhyfe has developed unique expertise in renewable green hydrogen production, as well as an ability to create ecosystems and a strong vision for the future of the sector. We are very excited to work with Lhyfe to build local and virtuous ecosystems together," said Hiroshi Kakiuchi, Managing Officer of Mitsui. 

"We are very proud to welcome such an important player as Mitsui as our first international partner. This partnership further confirms the interest of the market in our renewable green hydrogen. This agreement with Mitsui will give an important boost to our development in strategic markets internationally, to decarbonize transportation and industry quickly and on a massive scale," said Matthieu Guesné, Lhyfe’s founding president. 

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