At its meeting held on 27 March 2024, the Board of Directors of Lhyfe approved its consolidated financial statements for the fiscal year 2023 (from 1 January to 31 December 2023). The consolidated financial statements were audited, and an audit report will be issued in April by the statutory auditors. 

Matthieu Guesné, founder and Chairman and CEO of Lhyfe: “In 2023, Lhyfe achieved significant milestones in the green hydrogen sector, marking a crucial step towards a sustainable energy future and solidifying our position as pioneers. Key commercial and operational achievements include signing of new clients, doubling our revenues, and entering new partnerships. Looking ahead to 2024, we will focus on the value creation for our shareholders as we start to deploy our enhanced model towards an accelerated profitability.”

Lhyfe aims at becoming a leader in the production of green hydrogen in Europe, by deploying production units on a larger scale. The company has developed a unique expertise in project development, project construction and plant operations. Given its high-quality pipeline of 75+ projects representing a total investment of over €10bn, there is a huge appetite observed from blue chip investors to fund these projects.

Lhyfe: milestones achieved in 2023

Lhyfe has seen a strong increase in revenue in 2023: the company has more than doubled its revenue to €1.3 million, compared with €0.6 million in 2022, reflecting the ramp-up of the Bouin production unit which runs now at full capacity and the expansion of the customers portfolio, both in France (Hype, Brétéché, Manitou, John Deere, etc.) and for the first time in Germany (Hypion, etc.).

To meet the growing customer demand in the region, the current installed production capacity of 0.75 MW at the Bouin site will be increased to 2.5 MW (i.e. a maximum of 1 tonne of green hydrogen produced per day) in 2024. The on-site storage capacity, currently around 700 kg, will be increased to almost 5 tonnes.

In France, in December 2023, Lhyfe inaugurated its Lhyfe Bretagne production unit in Buléon and Lhyfe Occitanie unit in Bessières, making Lhyfe the largest producer of renewable hydrogen in France. In Germany, construction was launched at the Schwäbisch Gmünd bulk site, in Brake and Tübingen site for Deutsche.

You can read the full results report here.

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