The Luxembourg-based green hydrogen project developer H2APEX Group has secured about €35m (US$40m) in funds to support the acquisition of HH2E’s 1 GW Lubmin Werk and the further development of its own 600 MW Lubmin project in Northern Germany. The funds come from a loan agreement with its shareholder Active Ownership Fund (€20m) and a letter of comfort from an investor of the Atlan Group (€15m). The funds are expected to finance the project’s financing requirements until the final investment decision (FID) is made.
The Lubmin Werk project, which was developed by HH2E, would be developed in two phases, with 100 MW in a first stage, to be later expanded to 1 GW. H2APEX, which took over Lubmin Werk project in April 2025, was already developing its own project in Lubmin, with the potential to build up to 600 MW of electrolysis capacity. Lubmin is one of the the most promising locations for the German hydrogen industry, due to its existing network of pipelines and its proximity to offshore wind parks.