European green and renewable hydrogen producer Lhyfe quadrupled its revenues to €5.1m in 2024, compared to 2023 (€1.3m), after having more than doubled its revenues between 2022 (€0.6m) and 2023.
Lhyfe says that, despite concerns about the pace of development of the green hydrogen sector in Europe, thr group has managed to hold its own thanks to a strategy that is clearly paying off, and continues to grow nicely.
The group says the performance mainly reflects the production at full capacity achieved for the full year at the Bouin site in France and new customers signed enhancing its portfolio of clients.
In 2024, the group made more than 470 deliveries to clients located mainly in France and in Germany, with a 99% service rate, relying on its around 70-container fleet.
Over the year, Lhyfe continued to expand its customer portfolio both in France and Germany, and notably in France, contracts signed recently include an 18-month offtake contract with taxi company Hysetco for more than 45 tons of green hydrogen over the contract duration as well as a 3-year offtake contract with a refueling station operator in France for more than 45 tons of green hydrogen per year.
In Germany, Lhyfe signed a 5-year offtake agreement with H2 Mobility Deutschland, Europe’s largest operator of public hydrogen stations, to provide more than 240 tons of green hydrogen on average per year. Lhyfe also signed a 2-year offtake contract from 2025 with a large energy player in the Netherlands for more than 100 tons of green hydrogen per year on average.
Lhyfe says all these contracts will contribute to the commercial ramp-up of its existing and coming sites in France and in Germany.
Matthieu Guesné, founder and chairman-CEO of Lhyfe, commented: “In 2024, in a challenging market environment for the green hydrogen sector in Europe, Lhyfe has demonstrated its ability to differentiate itself by successfully continuing its growth and development. Thanks to significant commercial and operational advances - including a fourfold increase in our sales, the signing of new customers, an increase in our production capacity and the conclusion of new strategic partnerships - we have confirmed our position as a pioneer and key player in the production and supply of green hydrogen. Lhyfe is now positioned as a leading partner for green hydrogen consumers in Europe.”
Earlier this year Lhyfe Lhyfe secured funding of up to c.€11m (SEK130m) to build a renewable hydrogen production facility in Vaggeryd, Jönköping County, in southern Sweden. Vaggeryd is strategically located between Stockholm, Gothenburg, and Malmö, near major transport hubs such as the E4 motorway and national road 40, as well as nearby logistics centres. As the transport sector transitions to lower climate footprint, including the adoption of hydrogen-powered vehicles, significant volumes of renewable hydrogen will be required. The production facility in Vaggeryd would supply the many refueling stations currently under construction in the area, forming a network of hydrogen supply along major transport routes.
Lhyfe says it intends to benefit from the continued development of the green hydrogen sector in Europe, supported by strategic initiatives and strengthened financing mechanisms.
With the Clean Industrial Deal announced in February 2025, the European Union is backing efforts to decarbonize and enhance industrial competitiveness, aiming to reinforce energy sovereignty. The EU seeks to reduce energy costs while promoting the transition to clean energy sources such as renewable hydrogen and reducing dependence on imported fossil fuels. This initiative is also accompanied by over €100 billion dedicated to support clean technology manufacturing within the EU.
The implementation of RED III mandates by May 2025 requires each member state to set hydrogen consumption targets for industry and transport sectors by 2030.
At the same time, the sector benefits from the deployment of support mechanisms by key European countries. The UK is implementing HAR auctions, the Netherlands offers OWE subsidies, Germany is developing the H2Global auction system, and France has adopted a support mechanism for renewable or low-carbon hydrogen production (MSP).
Finally, the European Union recently reaffirmed the role of the Hydrogen Bank, with further auction mechanisms deployed in 2024 and 2025 that enable green hydrogen producers to secure subsidies in the form of fixed premiums per kilogram of green hydrogen produced.
