Hamburg hydrogen company
Energy pioneer is insolvent
November 15, 2024 – 2:09 p.mReading time: 2 min.
A hydrogen company with big plans has filed for bankruptcy: a setback for the federal government’s hydrogen strategy.
The Hamburg company HH2E AG has filed for bankruptcy. She was once there the Hopeful in the field of hydrogen. It started in 2020, at the same time as the federal government’s national hydrogen strategy. Media even called them “Habeck’s front runner” or “Habeck’s flagship”.
But now it is clear: the energy pioneer has filed for insolvency under self-administration – a process that keeps the management on board and should still offer opportunities for a new start.
By 2030, HH2E wanted to build high-tech devices, so-called electrolyzers, with a total of 4,000 megawatts of power. According to “Taz”, that would be 40 percent of the hydrogen capacities targeted by the federal government.
A first plant in Lubmin, Western Pomerania, a 1,000 megawatt system costing 45 million euros, should be connected to the grid in a first phase by 2025. On the site of the former Greifswald nuclear power plant, excess electricity was to be converted into hydrogen. This vision is now in danger of failing. According to “Merkur” and “Taz”, the majority owner, the British Foresight Group, is refusing to provide financing.
However, there is good news for the time being for a second plant in Thierbach near Borna in Saxony: it is still planned. The associated HH2E Werk Thierbach GmbH is not affected by the insolvency proceedings. According to the company, the project is intended to ensure “a green energy landscape in the central German region”.
HH2E still has hope that it can continue. The company writes that it is now trying to attract “a new investor who will support the HH2E Group’s ambitious goals in the field of renewable energy.”
The insolvency is likely to be a setback for the federal government when it comes to hydrogen: it would like to focus more on hydrogen as a more environmentally friendly energy source. By 2030, hydrogen is expected to play a central role in industry, heavy-duty transport, aviation and shipping. A Germany-wide pipeline network for hydrogen is to be created.
How can government support influence the future of hydrogen energy development?
Interview with Dr. Lena Sommer, Hydrogen Energy Expert
Time.news Editor: Good afternoon, Dr. Sommer. Thank you for joining us today. Given the recent news about HH2E AG, a company that was once considered a frontrunner in the hydrogen sector but has now filed for bankruptcy, what does this mean for the future of hydrogen energy in Germany?
Dr. Lena Sommer: Good afternoon! It’s a pleasure to be here. The bankruptcy of HH2E AG is indeed a significant setback for the hydrogen industry, especially considering the national strategy that aligns with Germany’s energy transition goals. This company was expected to play a pivotal role in achieving hydrogen capacity targets by 2030, which were quite ambitious.
Time.news Editor: The article mentions that HH2E AG was once referred to as “Habeck’s flagship.” What lessons can be learned from their rise and fall?
Dr. Lena Sommer: HH2E AG’s journey highlights the challenges that pioneering companies face in emerging industries. While they started with high expectations, the complexities of scaling new technologies and navigating financial viability are immense. It reflects the need for robust business models and perhaps more realistic timelines. Promising technologies like hydrogen can take time to mature, and constant government support and market adaptation are crucial.
Time.news Editor: You noted the significance of government support. What do you believe the federal government should prioritize in response to this bankruptcy to keep the hydrogen strategy on track?
Dr. Lena Sommer: The government must reassess its approach to supporting hydrogen projects, ensuring that funding mechanisms are sustainable and tied to performance milestones. It would also be wise to foster collaboration between established industries and startups to provide mentorship and resources. Additionally, creating a more varied funding landscape, including grants and loans, could give startups the breathing space they need to innovate without immediate pressure.
Time.news Editor: From a technical standpoint, what were the main goals of HH2E AG, particularly regarding their plans to build electrolyzers?
Dr. Lena Sommer: HH2E AG aimed to develop electrolyzers with a total capacity of 4,000 megawatts, which would significantly contribute to the national hydrogen production goals. Electrolyzers are essential for producing green hydrogen from renewable sources, so their success would have positioned HH2E at the forefront of sustainable energy production. However, building such high-tech devices requires not just financial investment but also a reliable supply chain and skilled labor, which can be daunting to secure.
Time.news Editor: How do you see the prospects for hydrogen energy in Germany moving forward after this incident?
Dr. Lena Sommer: While HH2E AG’s bankruptcy is disheartening, it could also serve as a wake-up call for the hydrogen sector. There is still considerable potential for green hydrogen as a clean energy source and a critical component in achieving climate goals. The government and industry must take this opportunity to learn, innovate, and create a more resilient framework for hydrogen development. If we can foster a collaborative environment, there’s still a bright future for hydrogen in Germany.
Time.news Editor: Thank you for your insights, Dr. Sommer. It’s clear that while challenges remain, there is an underlying optimism for the future of hydrogen energy. We appreciate your time today.
Dr. Lena Sommer: Thank you for having me! I’m hopeful we’ll see meaningful progress and innovation in the hydrogen sector.