H2PLT aims to raise €15m shortly from going public on Spanish stock exchange
Green hydrogen company H2PLT has officially filed its application to go public on BME Scaleup, the new trading segment of Spain’s stock exchange.
The renewable energy company, founded by entrepreneur Sisco Sapena, also founder and CEO of Lleida.net, expects to raise around €15m in the coming months and plans to ‘ring the bell’ between December and January 2024.
During the next five years, H2PLT seeks to raise €85m to expand its production capacity throughout Spain.
According to Sapena, “Going public on BME Scaleup is a key step in our path towards growth and consolidation of a new ecosystem model in the field of green hydrogen.”
H2PLT has developed a modular and replicable green hydrogen mini-generation ecosystem, which uses hydrogen as a re-electrification vector and in applications in electro-powered stations.
Its business model is based on the sale of hydrogen created by solar energy, its conversion into electricity during the night, and its sale to the wholesale market or through its own network of electro-power stations.
The company’s Power-to-Power system allows green hydrogen to be converted into electricity through fuel cells.
The company focuses on promoting electrified mobility through ‘H2aX’ applications and development of small photovoltaic (PV) plants exclusively for green hydrogen generation.
It uses small PV farms and surplus solar electricity to produce green hydrogen by electrolysis, storing it and converting it into electricity when needed and cheaper.
H2PLT has built, in the past few months, one of the largest electric recharging stations in Spain at the El Pedernoso Solar Park, Cuenca, equipped with 24 connection points.
At El Pedernoso, the company owns 80 hectares in the Spanish province of Cuenca, with access to water and the capacity to house a total of 14 hydrogen mini-generation modules, with plans to produce up to 2.5 tonnes of hydrogen per day.
At full capacity, this facility will be able to generate 40MW of electricity, enough to power more than 160,000 people per year.
Sapena added, “The production and use of green hydrogen will be fundamental to decarbonise key sectors of our economy such as transportation, industry, and power generation. Our goal is to be an important part of this energy and environmental transition by democratising access to green hydrogen and its applications.
“The technology is already available, and our innovative business model will make this sustainable solution accessible to the most promising regions of Spain and Europe.”
The energy company’s seven-person team includes internationally renowned specialists in the field of fuel cells. The company seeks to expand its market reach and attract investors committed to ESG investment criteria.
BME Scaleup, announced in July, is a new segment aimed at growth companies, which aims to provide the necessary transparency to investors and simplify the incorporation requirements for companies.
In preparation for its listing, H2PLT has been advised by Solventis as a registered advisor, and will be its liquidity provider.