Our Corporate Energy team has advised clean hydrogen-dedicated investment fund HydrogenOne Capital Growth plc ("HydrogenOne") on its £3.3 million investment in Norwegian green hydrogen developer Gen2 Energy AS ("Gen2").

Gen2 manufactures green hydrogen by connecting to the abundant and low cost renewable power that is being generated by hydroelectric power in excess of market demand in Norway.

By converting this electricity to green hydrogen, and shipping the hydrogen to industrial customers, Gen2 aims to become a regional supplier of low cost clean fuel and feedstock.

HydrogenOne is investing in Gen2 alongside HyCap as cornerstone investors in a fundraising expected to raise at least £11.5 million, while existing industrial backers include Vitol, Höegh LNG and the Knutsen Group.

Principal associate Siân Dewing led the Gowling WLG team to advise HydrogenOne on this transaction with support from associate Chris Kay, corporate energy partner and co-leader of the firm's Hydrogen Group, Gareth Baker, and corporate partner and co-chair of Gowling WLG's Tech Group, David Brennan. The team also worked with Schjødt partner Marianne Lind Sahl, who advised on matters relating to Norwegian law.

This is the fifth investment that the Gowling WLG team has supported HydrogenOne on in the past year, having also recently advised the client on its first ever private equity investment in Sunfire GmbH and investments in hydrogen companies HiiROC and NanoSUN, as well as Bramble Energy.

Speaking about the deal, Siân Dewing said: "We're delighted to have advised HydrogenOne on its second investment of 2022 so far and fifth in the past 12 months. These transactions demonstrate the breadth of opportunities available in the hydrogen and clean energy sectors."

"Gen2 is HydrogenOne's first venture into hydrogen supply projects and we're looking forward to seeing what's next in the company's investment pipeline."

Gowling WLG's multi-disciplinary Energy team has a market-leading reputation and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and follows a series of mandates, including advising Berenberg on its £210 million Harmony Energy Income Trust IPO, Brockwell Energy on its sale of an onshore wind farm development to global renewable energy developer, service provider and distributor BayWa and Eelpower on its £100 million joint venture with NextEnergy Solar Power.