Nantes (France) and London (United Kingdom), January 22, 2024 – 7:30 a.m. Lhyfe (Euronext Paris – FR0014009YQ1 – LHYFE), European producer and supplier of green and renewable hydrogen, and Source Galileo, European developer of renewable energy, announce that they have entered into a partnership with a view to developing green and renewable hydrogen production units. renewable in the United Kingdom and Ireland.
The memorandum of understanding signed between the two companies aims to deploy hydrogen production facilities powered by renewable energy, thereby contributing to the objectives
Net Zero
of the two Anglo-Saxon countries.
As part of this agreement, Lhyfe and Source Galileo will combine their expertise to produce and supply green and renewable hydrogen to a wide variety of customers in industry and transport, and thus contribute to the decarbonization of their activities.
As part of this partnership, Lhyfe and Source Galileo will deploy green and renewable hydrogen production sites in the United Kingdom, where several projects are already underway. Both companies are also exploring opportunities to develop projects in Ireland, and are working to identify consumers and assess various factors such as network availability, electricity supply, land availability and land development requirements. territory.
Lhyfe and Source Galileo are confident that the economies of scale achieved through this collaboration can accelerate the deployment of green hydrogen and meet the growing demand from companies who want to reduce their dependence on natural gas and other fossil fuels.
Initially, the companies will use electricity from land-based renewable sources. In the longer term, they could exploit the enormous offshore wind potential of the United Kingdom and Ireland, which would circumvent the constraints of the electricity network.
Lhyfe is one of the global pioneers in the production of green and renewable hydrogen by water electrolysis, with production units powered by renewable electricity.
Its first factory has been operating since 2
n/a
half-year 2021, and two other sites were inaugurated in Occitanie and Brittany in December 2023.
Five other sites are currently under construction or expansion across Europe.
Since launching operations in the UK in 2022 to contribute to local decarbonisation, Lhyfe has established offices in Newcastle and Sheffield.
Lhyfe aims to achieve an installed electrolysis capacity of 200 MW by the end of 2026 and an ambitious target of 3 GW by the end of 2030.
Source Galileo was founded to accelerate the deployment of large-scale renewable energy projects as part of the energy transition.
It has a pipeline of around 10 GW of offshore wind and hydrogen projects under development in the UK, Ireland and Norway.
The company is also developing battery energy storage and onshore solar projects.
Green hydrogen can drive massive decarbonization, particularly in hard-to-decarbonize sectors such as heavy industry, including chemicals and steel.
It can also be used for heavy transportation including buses, trucks,
construction or logistics vehicles, etc.
Green hydrogen, produced from water electrolysis, can also replace in the long term the more than 3,000 TWh of hydrogen currently produced from oil, gas and coal worldwide.
The British government has doubled its low-carbon hydrogen production target, increasing it from 5 GW to 10 GW by 2030, at least half of which will be green hydrogen.
Ireland published its National Hydrogen Strategy in July 2023, with a plan to develop 2 GW of national hydrogen production from offshore wind farms by 2030.
Kevin Lynch, Managing Director of Source Galileo
:
“We believe that the development of a hydrogen economy, alongside renewable energy, is essential to the energy transition. Both the UK and Ireland have hydrogen strategies. The UK has committed to deploying 50 GW of offshore wind by 2030, and Ireland is expected to develop at least 20 GW of offshore wind by 2040, with an initial target of 2 GW of hydrogen production from this wind energy by 2030. Our partnership with Lhyfe offers both an onshore and offshore production solution, this is a big step in helping the government achieve its targets in hydrogen material. »
Stirling Habbitts, Director of Hydrogen Business Development at Source Galileo
:
“With Lhyfe, we aim to decarbonize challenging sectors, particularly industrial processes, through the use of green hydrogen. Hydrogen’s role as an energy carrier will be key to overcoming emerging constraints in today’s power grids, ensuring industries have an additional supply of clean energy beyond current power grid capacities. »
Taia Kronborg, Chief Business Officer at Lhyfe
:
“We are pleased to announce this agreement with Source Galileo, which represents a real opportunity to advance the transition to clean energy with large-scale green hydrogen production. Lhyfe is making strides to enable the decarbonisation of ecosystems and unlock the extraordinary potential of renewable energy in the UK and Ireland. Green hydrogen is one of the key solutions to achieving Net Zero, and the good news is that it can be deployed today, improving countries’ energy sovereignty while boosting local economies. »
About green hydrogen
Hydrogen is a gas that does not emit CO2 when used, but its carbon footprint varies depending on its production method. Lhyfe’s green and renewable hydrogen is produced using a water electrolysis process, on production sites powered by renewable electricity. The water is introduced into the electrolyzer, which separates it into hydrogen and oxygen: the only co-product is therefore oxygen. The hydrogen is compressed and transported locally from the production unit, providing an alternative to fossil fuels.
About Lhyfe
Lhyfe is a European group dedicated to the energy transition, producer and supplier of green and renewable hydrogen. Its production sites and project portfolio aim to provide access to green and renewable hydrogen in industrial quantities, and to enter into a virtuous energy model allowing the decarbonization of entire sectors of industry and mobility.
In 2021, Lhyfe inaugurated the world’s first industrial site for the production of green hydrogen in direct connection with a wind farm. In 2022, the company inaugurated the world’s first offshore green hydrogen production pilot platform. In 2023, it will inaugurate its 2
th
and 3
th
sites, and currently has 5 sites under construction or expansion across Europe.
Lhyfe is present across 12 European countries and had 192 employees at the end of June 2023. The company is listed on the Euronext market in Paris (ISIN: FR0014009YQ1 – ticker: LHYFE). Lhyfe.com
Access the Lhyfe media kit (press kit and images)
About Source Galileo
Source Galileo is a European developer of renewable energy projects, working for long-term investment in this type of project. Source Galileo is developing large-scale offshore wind projects, as well as onshore battery, solar and now hydrogen projects. Source Galileo is headquartered in London with offices in Dublin and Haugesund, Norway. It is supported by a group of major institutional investors. sourcegalileo.com
Contacts
LHYFE – Investor relations | LHYFE – Financial press relations | LHYFE – Business press relations |
Source Galileo | Source Galileo – PR & Media Inquiries |
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