The unvalued deal adds five green hydrogen projects in the Netherlands and Germany to Power2X’s portfolio, giving it access to a combined 1GW development pipeline.

The company also said the acquisition would help develop and deliver its own projects, which include a 250,000-tonne green hydrogen-based sustainable aviation fuel project in the Port of Rotterdam.

According to Power2X, the deal will strengthen its position as a clean fuels and feedstock supplier.

Power2X CEO and founder, Occo Roelofsen, said the acquisition marks a shift from early-stage development toward project execution.

“We are adding valuable and strategic projects in key industrial hubs to our portfolio,” said Roelofsen. “It brings us into a new phase where we have increased focus on delivery and a more diverse group of industrial projects.”

No word has been given about whether HyCC’s staff will be absorbed into the combined company.

HyCC, a joint venture between Macquarie’s Green Investment Group and Dutch chemicals firm Nobian, was launched in 2021 and currently holds a 1GW portfolio of green hydrogen projects.

Despite securing public funding, HyCC struggled to move projects into construction amid supplier setbacks and broader cost inflation in the European hydrogen sector. Currently, it has no operational plants.

Its most advanced project, Djewels, plans to install a 20MW electrolyser at the Chemical Park in Delfzijl to supply chemicals and mobility applications. Although Djewels secured Dutch and EU funding, progress stalled after the loss of electrolyser supplier McPhy.

Other projects within the HyCC portfolio remain less developed, with original start dates planned for 2030 and beyond.

“It is time to move to the next phase of these projects,” said HyCC Managing Director Marcel Galjee, “and with Power2X we have found the perfect partner to do so.”

The acquisition reflects a broader consolidation trend in Europe’s hydrogen sector, where developers are seeking scale, stronger balance sheets and execution capability as subsidies tighten and capital becomes more selective.