HH2E attracts investor interest amid self-administration

German green hydrogen project developer HH2E AG has entered preliminary self-administration proceedings, a process through which the company aims to attract a new investor, and said that it is already generating market interest.

HH2E, which was preparing to start construction of a green hydrogen plant in Lubmin near Germany's Baltic Sea coast, last week announced a decision to file for self-administration after failing to secure additional funding from its backer. Foresight Hydrogen HoldCo GmbH, an investee company of the Foresight Group, is the majority shareholder of HH2E.

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Today, the company said that the Local Court of Berlin-Charlottenburg has approved the applications for preliminary self-administration proceedings of both HH2E AG and HH2E Werk Lubmin GmbH.

Under German law, self-administered insolvency proceedings provide companies with the chance to manage their restructuring on their own.

HH2E added that since last week it has received interest from “a number of reputable parties” in a sign of the viability of its business model and market potential.

“Although filing for self-administration wasn’t part of our original plan, early-stage challenges are not uncommon for new companies,” said Alexander Voigt, co-founder and management board member of HH2E. “The transition to a 100% renewable energy society is unstoppable, with green hydrogen set to play a key role in the energy mix.” Voigt added.

HH2E was aiming to develop a platform of green hydrogen sites in Germany, targeting 4 GW capacity by 2030.