The company has said its projects will be funded with “one or more” financial or industrial partners who would own up to 100% of the site.
Targeting to close a partnership for 1GW of projects by the end of 2024, the new model comes as the company eyes a 10% EBITDA margin in 2026 based on a €100m ($108m) revenue.
In parallel, Lhyfe has said it will pursue the construction and operation of its own projects to sell green hydrogen to multiple customers to secure “long-term, recurrent, resilient” revenues.
Lhyfe said, given its 75+ project pipeline – representing investments of over €10bn ($10.8bn), “there is a huge appetite observed from blue chip investors to fund these projects.”
The new plans come as the company revealed a €1.3m ($1.4m) revenue in 2023 – more than double that of 2022 – while its EBITDA losses grew to €28.1m ($30.3m) from €16.3m ($17.6m).
Matthieu Guesné, founder, Chairman and CEO of Lhyfe, said the company achieved “significant milestones” in 2023, with key commercial and operational achievements.
“Looking ahead to 2024, we will focus on the value creation for our shareholders as we start to deploy our enhance model towards an accelerated profitability,” he remarked.
Based on the model, Lhyfe expects to reach an earlier EBITDA breakeven. It anticipates its 2024 revenues to be quadruple those of 2023 – €5.2m ($5.6m).
Having secured €238m ($257m) of subsidies and a €28m ($30.2m) long-term loan to date, the company’s cash position totalled €114m ($123m) at the end of 2023.
At the end of last year, Lhyfe had 6MW of green hydrogen production capacity, up from 1MW at the end of 2022. In December (2023), Lhyfe inaugurated two 5MW two tonne per day green hydrogen production sites in Buléon and Bessières, France.
Read more: Lhyfe launches 5MW Buléon hydrogen production site
It also plans to expand the production of its Bouin site by up to 0.7 tonnes per day by the end of 2024.
Projects at the construction phase increased by 30MW to 39MW year-on-year, while its total projects at “an advanced stage of development” fell from 759MW to 564MW.
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