Independent investment and asset manager KGAL has announced that the KGAL ESPF 6 energy transition fund is investing in a green hydrogen project at Lubmin, a Baltic Sea port in Mecklenburg-Western Pomerania, with a total capacity of up to 1,050 megawatts.
This project is part of Germany’s largest planned centre for the production and import of green hydrogen, with Europe-wide significance. KGAL has partnered with project initiator PtX Development GmbH and project planner GP Joule, the German green energy specialist.
The Lubmin project is being built on the site of a former nuclear power plant and the land has already been secured. In the first phase of the project, which is scheduled for completion in 2028, an electrolysis capacity of approximately 210 megawatts will be installed. A further 840 megawatts will be added in stages during the second phase.
PtX Development, the initiator and developer of hydrogen production sites, has secured the cooperation of integrated energy supplier GP Joule as project developer. GP Joule has been active in the hydrogen business since 2012, making it one of the industry’s pioneers.
Thomas Engelmann, head of energy transition at KGAL, said: 'Together with the hydrogen core network, Lubmin will make a significant contribution to the decarbonisation of the German economy. This is impact investment par excellence.'
As KGAL ESPF 6 is involved in the project at an early stage, investors can participate in the entire value chain. Added Engelmann: 'Professional partners are of the utmost importance for an early-stage investment. PtX Development and GP Joule has convinced us with their strategic vision and track record.'
Said Dr Alan Cadmus, managing partner of PtX Development: 'Lubmin is a unique project. The site is one of the key centres for the development of the hydrogen economy in Germany, on a European scale. With KGAL and GP Joule, we have two strong project partners at our side, to successfully realise the project and implement it quickly.'
image (c) PtX Development
