HDF Energy has said it will use funds from its successful initial public offering (IPO) to develop a number of hydrogen projects in Asia through its renewable power plants. This will see the development of a renewable hydrogen combined power plant in 2024 in East Nusa Tenggara Province in Indonesia.
By developing international renewable hydrogen power plants, the company is expanding its international reach and efficiency in regards to hydrogen helping to explore global markets and support the energy transition to low carbon solutions. They recently raised $134 million in an IPO and will look to capitalise on the increasingly lucrative hydrogen market to propel the company into the hydrogen generation market.
With the new financing, the company has said it will accelerate the development of its international power plants and continue its international expansion, invest in the equity of the projects whilst additionally financing the first factory for utility-scale fuel cells using PEM technology. The fuel cell facility will keep the group at the forefront of hydrogen technology by investing in research and development to enhance the performance and reliability of its fuel cells.
“This IPO has given the company the funds it needs to step up its development in the hydrogen-power market, which is booming worldwide,” Damien Havard, Chairman and CEO of HDF Energy, said. “As a global pioneer in the sector, HDF Energy intends to leverage the strategic positions already acquired to become a leader in the development of continuous or on-demand power plant projects based on hydrogen and renewable energies.