UK-based oil and gas infrastructure manager px Group has acquired a majority stake in German hydrogen company LIFTE H2.
The buyout is part of the acceleration of the Group’s growth ambitions in Europe, an arena where LIFTE H2 is recognised as a reliable collaborator within the hydrogen landscape.
The company has worked on clean energy projects for companies including Shell, E.ON, Uniper, Siemens Energy and TUV SUD.
Germany plans to cut its carbon emissions by 65% by 2030, compared with 1990 levels, and to be carbon neutral by 2045.
Some recent reports suggest that it will miss the 2045 target due to some sectors failing to close the emissions gap, although hydrogen fuel may help close this gap.
The country’s focus on hydrogen aligns with its mission to reduce its reliance on Russian oil and gas.
This was bolstered after Germany’s ruling coalition agreed earlier this month a financing mechanism for the country’s future hydrogen network, extending a deadline for it to be built by five years to 2037.
“Germany has one of the most – if not the most – developed hydrogen economies in Europe and is a leader in hydrogen transport infrastructure,” said Murat Aydemir, Managing Director for Germany at px Group.
“However, the barriers to entry for hydrogen in Europe remain too high right across the value chain and right across the continent. LIFTE H2’s solution, which directly enables more investment into hydrogen, is compelling and proven.”
Known as a ‘one-stop shop’ for hydrogen engineering solutions, LIFTE H2 specialises in guiding its customers through each phase of their hydrogen transition, from generating hydrogen via electrolysis to its utilisation in sectors like heavy transport.
According to Paul Karzel, Managing Director at LIFTE H2, the strategic alliance with px Group will enhances the engineering capabilities of both sides and unlock resource efficiency in non-engineering related areas.
“Together, we’re here to make hydrogen projects happen, building on and enhancing what we have already done at LIFTE H2,” he said. “With px Group’s experience in designing, operating and maintaining large process plants, and LIFTE H2’s in-depth hydrogen expertise, we form a dynamic alliance that will invigorate the hydrogen industry.”
