Client work
HydrogenOne HH2E restructuring
4
Our Energy Transition team has advised HydrogenOne Capital Growth plc (HydrogenOne) on the successful completion of a consolidation process by portfolio company HH2E AG (HH2E). This marks the next step in HH2E's growth preparation as it aims to establish 4 GW of green hydrogen production across various locations in Germany by 2030.
HH2E is a new green energy company based in Germany and to date, has operated as a holding entity, co-owning several project-specific Special Purpose Vehicles (SPVs), including the HH2E-Werk Lubmin SPV, the HH2E-Werk Thierbach SPV, and four other project SPVs across Germany. These SPVs, each co-owned by different investors, were under the management of HH2E. HydrogenOne invested in the Thierbach SPV, the company's first investment commitment in a green hydrogen supply project.
HydrogenOne maintained its stake in HH2E at approximately 11% following the consolidation, with Foresight Group, a leading listed infrastructure and private equity investment manager, becoming the majority shareholder.
The restructured, more streamlined corporate model now sees HH2E assuming full ownership of all HH2E-Werk SPVs, a move which will strategically position HH2E for continued growth.
The team which advised on the transaction was led by principal associate Sian Dewing, with support from partner Gareth Baker. The team included associates Henry Stride and Hannah Gough and senior associate Chris Kay, closely supported by legal director Florian Holfeld and local head of Corporate/M&A Andreas Woelfle from Gowling WLG's Stuttgart office.
Siân Dewing commented: "This is an incredibly exciting time for the green hydrogen sector and this process demonstrates the significant steps HH2E is taking in its growth which HydrogenOne, alongside other investors, is playing an important role in. We look forward to witnessing the future growth of HH2E as it advances in both size and stature."
Gowling WLG's multi-disciplinary Energy Transition team has a first-class reputation with regard to renewable and clean energy and operates seamlessly around the globe. Positioned at the forefront of the renewables sector, the team has been advising on transactions across a range of energy transition technologies, including Brockwell on its acquisition of London-based renewable energy developer, RNA-Energy Ltd and Pioneer on its investment into Perpetum Europe, as well as advising HydrogenOne on numerous transactions, including its participation in a €215 million Series E equity financing round by Sunfire GmbH. The team was also recently named by Inspiratia as the top UK hydrogen project adviser for the period of 2020-2023.
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.
We’re here to help, feel free to reach out to us
Contact us