HH2E’s Equity Financing Round

Noerr advised Foresight Group LLP on the deal. Raue advised HH2E AG. Gowling WLG advised HydrogenOne.

HH2E AG announced definitive agreements with HydrogenOne Capital Growth plc and funds managed by Foresight Group LLP for the acquisition of minority equity stakes in HH2E, expected to total at least 12 million euros. HydrogenOne and Foresight each have the right to a supervisory board seat at HH2E AG.

Foresight and HydrogenOne also invest directly in HH2E’s projects. To this end, both investors have signed a framework agreement for direct co-investment in HH2E’s projects with a value of over €500 million in aggregate. Foresight, as the lead investor in such projects, will acquire majority stakes.

HH2E has developed a cutting-edge new generation power station, the HH2E-Werk can operate with a limited number of hours a day of renewable power as input in order to supply a constant flow of carbon-free power, green hydrogen, and heat. Being able to use only the energy generated in the hours with lower energy prices, its operating cost base is competitive.

HH2E is a new Hamburg-based German green energy company. Its technology mix can convert a variable input of solar or wind energy into a constant flow of competitively priced green hydrogen, heat and carbon-free electricity to power local industries and communities, reducing the country’s dependence on imports. With its €2.7 billion investment plan, which envisages a production capacity of several GW, HH2E is positioned to become one of the largest producers of green hydrogen in Germany.

Founded in 1984, Foresight Group is a leading London Stock Exchange-listed infrastructure and private equity investment management company. With a longstanding focus on ESG and sustainability-oriented strategies, the company aims to provide its institutional and private investors with attractive returns in hard-to-reach private markets. Foresight operates from 12 offices in seven countries across Europe and Australia and had £8.7 billion of assets under management as at 31 March 2022.

The Noerr team was led by Tibor Fedke, (Picture – partner), Marc Philip Priesmeyer (senior associate), Daniel Fuchs (associate, all Corporate/Mergers & Acquisitions, Berlin), Dorothee Prosteder (partner, Munich), Annika-Kristin Stamer, Lilli Frederike Sachse (both associates, Berlin), Alexander Schilling (partner, Frankfurt), Yvonne Dietzel (associated partner, Dresden), Martin Geipel (partner, Berlin), Kai-Michael Hingst (partner), Arndt Alexander Schmidt (senior associate, Hamburg), Volker Bock (partner, Dresden), Peter Stauber (partner, Berlin), Bärbel Sachs (partner, Berlin).

The Raue team included Prof. Dr. Andreas Nelle, Dr. Michael Gläsner, Louise Fußy, Dr. Peter Roegele, Dr. Stephan Bernhard Koch, Hendrik Witsch.

Stephen Bowman led Gowling’s cross-border team acting for HydrogenOne on the investment. London-based Corporate-energy partner Gareth Baker, and project-finance partner Nath Curtis, also advised HydrogenOne, supported by Christopher Kay. Andreas Woelfle, the head of the corporate practice in Germany, led on the German aspects of the transaction, working with legal director Florian Holfeld, and trainee solicitor Athina Gaitanou.

Involved fees earner: Gareth Baker – Gowling WLG; Nath Curtis – Gowling WLG; Florian Holfeld – Gowling WLG; Chris Kay – Gowling WLG; Andreas Woelfle – Gowling WLG; Volker Bock – Noerr; Yvonne Dietzel – Noerr; Tibor Fedke – Noerr; Daniel Fuchs – Noerr; Martin Geipel – Noerr; Kai-Michael Hingst – Noerr; Marc Philip Priesmeyer – Noerr; Dorothee Prosteder – Noerr; Alexander Schilling – Noerr; Arndt Alexander Schmidt – Noerr; Peter Stauber – Noerr; Louise Fussy – RAUE LLP; Michael Gläsner – RAUE LLP; Stephan Bernhard Koch – RAUE LLP; Andreas Nelle – RAUE LLP; Peter Roegele – RAUE LLP; Hendrik Witsch – RAUE LLP;

Law Firms: Gowling WLG; Noerr; RAUE LLP;

Clients: Foresight Group; HH2E AG; HydrogenOne Capital;

Federica Tiefenthaler

Author: Federica Tiefenthaler