EUR 200 million for green hydrogen: Baker Tilly advises Hy2gen AG on capital procurement

  • 02/23/2022
  • Reading time 3 Minutes

Baker Tilly has provided legal and tax advice to Wiesbaden-based Hy2gen AG on a successful EUR 200 million financing round.

Hy2gen is a producer of green hydrogen and its derivatives. Hy24, Mirova, CDPQ and Technip Energies have now invested in the company. Thus, the transaction is the largest private investment to date in the field of green hydrogen.1

The Baker Tilly team around the partners Jens Suhrbier, Attorney-at-Law (project responsibility, M&A), Heinrich Thiele, Tax Advisor/Attorney-at-Law (capital markets law), Dr. Stefan Meßmer, Attorney-at-Law, (antitrust and competition law), Matthias Chuchra, German CPA/Tax Advisor (tax), Dr. Christian Engelhardt, Attorney-at-Law (IP), as well as manager Cathleen Haack, Attorney-at-Law (M&A), advised Hy2gen on all legal and tax matters related to the transaction.

“Green hydrogen is a key issue when it comes to sustainable transformation in the transport sector. We are therefore more than happy to have reached a new milestone in this segment with Hy2gen,” says Suhrbier.

The capital will be used to build facilities in various regions that produce green hydrogen-based fuels for maritime and overland transport, aviation and industrial applications.

“We are pleased to have implemented the largest private investment in the green hydrogen sector with all parties involved. The Baker Tilly team contributed greatly to this success with its legal and tax expertise," said Bernd Hübner, CFO of Hy2gen. “Further projects and investment rounds will follow, and we are pleased to have Baker Tilly as a reliable and committed partner at our side.”

The investors were legally represented by Bird & Bird (on behalf of Hy24 and Mirova), Jones Day (on behalf of CDPQ) and Clifford Chance (on behalf of Technip Energies). Nomura Greentech (Hy2gen) and Société Générale (Hy24 and Mirova) acted as exclusive financial advisors.


About Hy2gen AG

Hy2gen AG, based in Wiesbaden, Germany, develops, finances, builds and operates plants for the production of green hydrogen and hydrogen-based e-fuels worldwide. These products are used in order to create climate-neutral and competitive fuels and industrial solutions. The first plants are being built in France, Norway, Canada, Germany and the United States. Hy2gen's goal is to become the market leader in the production of green hydrogen and green e-fuels for mobility, agriculture and industry. Founded in 2017, the company's first-mover advantage is underscored by a current project pipeline of 880MW in planning and construction and a project pipeline of more than 12GW in development. In initial rounds of financing, Trafigura and other private investors have already invested in Hy2gen.


1 Based on a screening of capital procurements by unlisted companies with a focus on green hydrogen production on PitchBook, as of February 6, 2022.

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Author of this article

Jens Suhrbier


Attorney-at-Law (Rechtsanwalt)

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