The green hydrogen producer doubled its revenue in 2023. It will do even better this year thanks to the acceleration of its projects.
Lhyfe: results will quadruple by 2024
With a turnover of 1.3 million euros, the results seem very low compared to the ambition and the number of projects being carried out. But the move to scale is in the pipeline. In a press release, Lhyfe is delighted to have acquired many new customers in France and Germany, including Avia, Manitou, Iveco, John Deere, Hypion, Hype, Symbio. The company also pointed out that it currently has three manufacturing facilities and eight more under construction.
Big projects should change the situation. By the end of this year, cooperation for 1 GW of projects is expected. The transformation will also be boosted with a 149 million euro subsidy from the French State for a 100 MW industrial project in France near Le Havre. Enough to give confidence to Lhyfe, the company claims to have 114 million euros in cash and has received 238 million in subsidies.
By 2024, the company estimates revenue will quadruple. It will then increase significantly to reach more than 100 million euros by 2026.
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