Big plans and professional marketing – HH2E’s appearance was downright impressive, but on November 8, 2024, the Hamburg-based start-up filed for insolvency on its own initiative. The reason for this was probably that the British majority shareholder Foresight Group did not want to finance the planned large-scale H2 project in Mecklenburg-Vorpommern after all.
Plans included the construction of electrolyzers near Leipzig and in Lubmin. On the Baltic Sea, there was talk of building a 100-MW plant (1,000 MW by 2030) on the site of the former nuclear power plant and investing over €45 million. Although the planning for this is continuing for the time being, there is currently no investor, according to the latest reports.
HH2E CEO Alexander Voigt told Mitteldeutsche Zeitung: “We remain committed to maintaining continuity and stability in our operations while we work on a long-term solution. I am convinced that we will soon find a strategic partner who shares our passion for green energy and can support the vision of HH2E AG.” Voigt founded the solar company Solon in 1996 and is considered a pioneer in renewable energy.
The planned HH2E project Thierbach near Borna in Sachsen, which is to include a further 100-MW electrolyzer on the site of the demolished lignite-fired power plant, is initially only indirectly affected as HH2E-Thierbach-GmbH is a wholly owned subsidiary of the Hamburg company founded in 2021, but remains solvent itself. As part of this Net Zero LEJ project, Leipzig/Halle Airport is to be supplied with green fuel together with DHL.
Götz Ahmelmann, Director of Leipzig/Halle Airport, explained: “As a company, we are convinced of the environmental and economic importance of the industrial production of sustainable aviation fuel (SAF).” In his opinion, however, the conditions for the production of sustainable aviation fuels on an industrial scale “remain excellent.” “With strong partners and extensive areas, supported by an important customer such as DHL, which is committed to climate-neutral flying, we are ideally positioned.”
In insolvency proceedings instigated on the company’s own initiative, the company management can continue to run the business if there are justified hopes of being able to restructure the company. A trustee appointed by the court monitors the process. There is justified hope that the insolvency will enable the company to shed previous constraints and gain more room for maneuver through new collaborations.
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