Lhyfe, a leading force in green hydrogen production, has secured a substantial grant of up to €149 million from the French government. This financial backing will propel the construction of a cutting-edge green hydrogen production facility boasting a 100 MW electrolysis capacity near Le Havre, France. The project, endorsed by the European Commission, signifies a significant step towards sustainable energy production.

In a landmark development for sustainable energy initiatives, Lhyfe (EURONEXT: LHYFE) has clinched a monumental grant from the French government to facilitate the establishment of an innovative green hydrogen production plant near Le Havre. The financial support, totaling up to €149 million, underscores the commitment of both public and private sectors towards fostering green energy solutions.

The venture, spearheaded by Lhyfe over a rigorous two-year period, has garnered approval from the European Commission as part of the third wave of IPCEI (Important Projects of Common European Interest) on hydrogen. This nod of approval solidifies Lhyfe's position as a trailblazer in the renewable hydrogen sector and highlights the company's unwavering dedication to pioneering eco-friendly technologies.

Roland Lescure, the French Delegate Minister for Industry and Energy, reaffirmed the government's backing during his visit to Le Havre for the 7th "Rencontres de l'Axe Seine." The significant financial infusion is earmarked for the construction of a state-of-the-art green hydrogen production facility boasting an impressive electrolysis capacity of 100 MW, strategically positioned near the Grand Canal du Havre.

With ambitions set high, Lhyfe aims to churn out up to 34 tonnes of green hydrogen per day, leveraging the vast industrial potential of the Le Havre port area. The collaborative efforts between Lhyfe and key stakeholders, including the adjacent Yara plant, signify a collective commitment towards decarbonizing industrial processes and fostering sustainable growth.

Matthieu Guesné, Founder and CEO of Lhyfe, expressed gratitude for the government's support, emphasizing the project's alignment with France's overarching decarbonization strategy. Scheduled for operational deployment by 2028, the production site in Gonfreville-l'Orcher marks a pivotal milestone in the journey towards a greener, more sustainable future.

This groundbreaking initiative falls under the purview of the IPCEI hydrogen program, recognized as pivotal in driving strategic advancements for the European Union. However, the realization of this vision hinges upon securing operating authorizations, construction permits, and final financial investments from Lhyfe and its key partners.