Germany-based renewable hydrogen producer Hy2gen has completed a funding round of €47 million from existing shareholders to accelerate the development of its hydrogen and derivatives projects.

As disclosed, the round was led by Hy24, a France-based low-carbon hydrogen asset manager investing through its Clean Hydrogen Infrastructure Fund, alongside French engineering and technology company Technip Energies and individual founding investor BenDa – family fund of Hy2gen’s Chairwoman Dana Kallasch.

Hy2gen said the capital will be used to accelerate the deployment of its portfolio of projects producing renewable hydrogen and its derivatives in Europe, Canada and South America.