Lhyfe is trading higher on the Paris Bourse on Wednesday after securing a 14 million euro grant to develop its first green hydrogen production site in Spain.

The funding, obtained under the government's 'H2 Pioneros' program, will enable the company to launch a site with an installed capacity of 15 MW, capable of supplying up to five tons of green hydrogen per day to local industrial companies.

Production is scheduled to start in 2026.

The plant, to be located in an industrial zone in Vallmoll (Tarragona province), is intended to meet the demand for green hydrogen from various industrial companies in the region.

Lhyfe says it is targeting companies in the chemical and other sectors looking to replace the fossil fuels currently used in their production processes with green hydrogen, as well as transport and logistics companies looking to replace their fleets with less polluting vehicles.

Lhyfe's project is one of 14 selected in 2023 to receive funding from H2 Pioneros, out of a total of 81 projects submitted.

At around 12:00 pm, Lhyfe's share price was up 4.6%, but is still down 46% this year.

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