Andera Smart Infra, an impact infrastructure fund focused on energy transition infrastructures, makes its second investment in French company Lhyfe, a global pioneer and pure player in the production of green renewable hydrogen, to support its European development.

Andera Partners, a leading private equity firm, is investing in Lhyfe – a producer and supplier of green hydrogen – through its new energy transition infrastructure business, Andera Infra, joining other major investors in the sector. The purpose of this fundraising is to support Lhyfe in its strategy to deploy renewable hydrogen production sites in Europe.

Founded by Matthieu Guesné in 2017, this Nantes-based company is a pioneer in the industrial production of hydrogen from renewable energy. The commissioning in September 2021 of a 2.5 MW plant – which will produce up to 1 ton per day – in Bouin in the Vendée region, powered by a wind farm, was a world first, positioning Lhyfe as one of the influential players in a rapidly expanding market.

Lhyfe’s unique offer is based on a turnkey renewable hydrogen production and supply model, in a short energy circuit logic: its hydrogen is produced locally, on sites powered by local renewable energies, for consumption as close as possible to customers’ needs. The company is particularly targeting industries, local authorities and transport companies, whose needs for renewable hydrogen are tangible and exponential.

After a year 2021 marked by the commissioning of this first production site, the recruitment of about 40 employees and a fundraising of €50 million, Lhyfe will double its sales, technical and R&D teams (from 80 to 170 employees by the end of the year) to consolidate its position as a forerunner. With the support of its new partner Andera Infra, Lhyfe continues its technological and geographical development.

This fundraising comes in a promising context for renewable hydrogen players with the renewal of French and European public policy support for the industry, characterized by large-scale investment plans: France is planning a global budget of 9 billion euros through the France 2030 investment plan and its strategy for low-carbon hydrogen, and the European Union is providing its support through its Innovation Fund and the earmarking of part of the Member States’ recovery plans for hydrogen. At the heart of this strategy is an ambition shared by the Andera Infra and Lhyfe teams: to make France the leader in green hydrogen and increase hydrogen to 12% of the European energy mix.

Matthieu Guesné, President and founder of Lhyfe, is delighted with this transaction: “This new financing comes at a time of strong market acceleration throughout Europe. We are delighted to be supported by a growing number of major players committed to the energy transition such as Andera Partners. Their valuable support allows us to continue to seize the opportunities that arise to help achieve the most virtuous and rapid transition possible on a European scale.”

Prune des Roches, Partner at Andera Partners, said: “Lhyfe is an extraordinary company that has managed to establish itself in a very short time against the giants of the industry. The company’s growth momentum is strong and its project pipeline is very large. We are very happy to support them and thus contribute to the greening of industry and mobility in Europe.”

This second transaction comes a few weeks after the announcement of the first closing of the Andera Smart Infra 1 fund and the first investment in Watt&Co.

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