ESPF 6, KGAL’s sixth European energy fund, and PtX Development have expanded the Lubmin hydrogen platform in Germany by acquiring a majority stake a project from Lhyfe.
The acquisition of the majority stake in Lhyfe’s green hydrogen project, expands the Lubmin platform to a potential hydrogen production capacity of up to 1.7GW.
In September 2024, KGAL announced that its ESPF 6 fund was investing an undisclosed sum in the 1GW green hydrogen project at the Lubmin Baltic Sea port in Mecklenburg-Western Pomerania. The firm partnered with project initiator PtX Development and German green energy specialist GP Joule for the development, which is situated on the site of a former nuclear power plant.
At the time, KGAL said the first phase, scheduled for completion in 2028, will involve installing an electrolysis capacity of approximately 210MW and is estimated to cost around €500m.
Following the latest acquisition, KGAL ESPF 6 and PtX Development together with Lhyfe will jointly advance the project into its next development phase.
KGAL said the focus will be on further technical and commercial development, engaging with potential hydrogen offtakers and preparing the project for implementation.
Lhyfe will retain a minority stake in the project and continue to bring in its experience and expertise in green hydrogen development and scale up, KGAL added.
Thomas Engelmann, head of energy transition at KGAL, said: ”Lubmin is one of the most ambitious green hydrogen projects in Germany. The location brings together all the critical elements needed for large-scale hydrogen production – renewable energy, grid infrastructure and direct access to the hydrogen core network.
“This makes Lubmin a cornerstone project for Germany’s hydrogen economy.”
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