Lhyfe: results for the first half of 2023
At its meeting held on 26 September 2023, the Board of Directors of Lhyfe, independent producer of green hydrogen, approved its consolidated financial statements for H1 2023 (from January 1st to June 30, 2023). These financial statements were the subject of a limited review by the Statutory Auditors.
At its meeting held on 26 September 2023, the Board of Directors of Lhyfe, independent producer of green hydrogen, approved its consolidated financial statements for H1 2023 (from January 1st to June 30, 2023). These financial statements were the subject of a limited review by the Statutory Auditors.
The half-year financial report to end-June 2023 is available on Lhyfe’s website, in the Investors section, and at the end of this article.
Matthieu Guesné, Founder and Chairman-CEO of Lhyfe: “Our first half of 2023 is in line with 2022, with a ramp-up of our production site in Bouin which will be operating at full capacity by the end of the year to address the growing demand from our clients. We also continued the deployment of our sites under construction, the first of which will be commissioned at the end of 2023, accelerated our investments, strengthened our teams across all our geographies, and concluded new partnerships and strategic agreements, particularly in offshore. Our projects currently under construction represent a total installed capacity of 34 MW, enabling us to confirm the increase in our production capacity to 4 tonnes of green and renewable hydrogen per day by the end of the year. By the end of 2024, we aim to increase this figure to 22 tonnes, and to 80 tonnes by 2026.”
Lhyfe: first half of 2023 highlights
During the first half of 2023, Lhyfe kept a strong pace in project development and construction of its production units, with 54 MW of installed capacity at “Construction” or “Awarded” phase as of mid 2023, through 12 sites (versus 50 MW at year end 2022).
Among the projects in “Construction” phase, the following developments should be highlighted:
▪ Lhyfe Bretagne (Buléon, France): In Buléon, Bretagne (France), a unit, which will be able to produce up to 2 t/day of green hydrogen (5 MW installed capacity), is currently under construction since the beginning of 2023, with commissioning expected at end-2023. This unit is part of the VhyGo project (Vallée Hydrogène Grand Ouest) which aims to build the first supra-regional infrastructure for the distribution of green hydrogen in France and is supported by the ADEME.
▪ Lhyfe Occitanie (Bessières, France): In Occitanie (France), Lhyfe continues the construction of a production unit in Bessières, which will be able to produce up to 2 t/day of green hydrogen (5 MW installed capacity), with commissioning expected at end-2023.
▪ Lhyfe Bade-Würtemberg (Schwäbisch Gmünd, Germany): In Schwäbisch Gmünd, Germany, Lhyfe launched during the 1st half of 2023 the construction of a green hydrogen production unit with a maximum capacity of around 4 t/day (10 MW installed capacity) as well as a hydrogen distribution station for the general public and a pipeline to supply the future “H2-Aspen” technology park with green hydrogen. The plant is expected to be operational in the second half of 2024. This project is part of the HyFIVE (Hydrogen For Innovative Vehicles) project, which has received a €33m funding from the European Regional Development Fund (ERDF).
▪ Tübingen (Germany): As part of the Deutsche Bahn and Siemens Mobility H2goesRail project, Lhyfe will launch in the second half of 2023 the installation of a production site in Tübingen Germany, with a maximum capacity of 400 kg/day of green hydrogen (1 MW installed capacity), aimed at supplying hydrogen-powered trains on the Pforzheim-Horb-Tübingen line from 2024.
▪ Brake (Germany): Lhyfe will launch the construction of a production unit in Brake, with a maximum capacity of 4 t/day of green hydrogen (10 MW installed capacity). The construction permit has been filed during the first half of 2023. This site will supply local mobility and industrial uses, with a commissioning date scheduled for the second half of 2024.
▪ Botnia Hydrogen (Sweden): Within the Botnia Hydrogen consortium, Lhyfe carries a project to develop hydrogen production and supply units in the north of Sweden, with a total maximum production capacity of 600 kg/day of hydrogen (1.5 MW installed capacity), which will address mainly HGVs and buses. The land and connections have been secured. Construction has started in the first half of 2023.
▪ Lhyfe Pays de la Loire (Bouin, France): The commercial ramp-up in the Bouin unit continues with an expansion of its customer portfolio and the signing of new sale contracts. In order to anticipate the saturation of the Bouin unit next year, an increase in production capacity is planned for 2024. Current installed capacity of 1 MW, i.e., a total production capacity up to 300 kg of green hydrogen a day, is set to rise to 2.5 MW (i.e., around 1 t/day) to meet the growing demand in the region.
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