Lhyfe has released its results for the first half of 2026. The Nantes-based company generated revenue of €4.7 million between January and June 2026, compared with €4.6 million in the same period of the previous year. For the full year 2026, Lhyfe expects revenue from RFNBO hydrogen sales of €12 to €13 million, according to the company. For 2027, the group projects growth of more than 60 percent. Its liquidity position stood at €45 million as of 30 June 2026.
Messer Takes 30 Percent Stake in Four Production Sites
In July 2026, Lhyfe announced a partnership with industrial gases company Messer. Messer is acquiring a 30 percent stake in the company that holds four of Lhyfe's production sites in France and Germany. Together, these sites have an installed electrolysis capacity of 30 MW. The agreement includes a supply contract with a term of ten years. Starting in 2026, a minimum volume is planned that could reach several hundred tonnes of renewable hydrogen per year, according to the company. Messer can offtake up to 50 percent of the production from the three French sites involved.
Lhyfe describes the transaction as the group's first capital recycling transaction. The company remains majority shareholder and operator of the sites. The transaction is expected to close by the end of 2026. Lhyfe then anticipates a positive effect on equity and liquidity of several million euros.
Revenue in Germany More Than Doubles
In Germany, Lhyfe's revenue more than doubled in the first half of the year. For the full year 2026, the group expects an increase of 130 percent compared with 2025. The company attributes this development to Germany's regulatory framework. This includes the requirements of the greenhouse gas reduction quota with a sub-quota for RFNBO, the toll exemption for zero-emission heavy-duty vehicles, and a federal funding programme of €220 million launched in January 2026. The programme is intended to support up to 40 hydrogen filling stations and 400 hydrogen trucks.
According to Lhyfe, Hylane and H2 Mobility have been offering selected customers a net price of around €8 per kilogram at certain truck filling stations since January 2026. Lhyfe has been active in Germany since 2022 and has been supplying its first customers since 2023. According to the company, its customer portfolio in Germany includes around 15 customers, among them H2Apex and H2 Mobility.
36 MW of Installed Electrolysis Capacity
Lhyfe currently operates six installed production sites in France and Germany with a combined installed electrolysis capacity of 36 MW. The sites in Bouin, Buléon and Bessières in France, as well as Schwäbisch Gmünd in Baden-Württemberg, are operational. Schwäbisch Gmünd, with 10 MW, is the largest site currently in operation according to the company and is expected to contribute fully to revenue from 2027. The sites in Le Cheylas (10 MW) near Chambéry and Croixrault (5 MW) near Amiens produced hydrogen for the first time in June and September 2026, respectively, and are in the commissioning phase. For logistics, Lhyfe uses a fleet of 84 transport containers. During the reporting period, the group carried out more than 570 deliveries across Europe.
Cost Reduction of 30 Percent
Lhyfe plans to reduce its structural and operating costs by around 30 percent on an annualised basis. According to the company, the reduction stems from the departure of around 60 employees and from stricter cost management. Initial effects are expected to become visible by the end of 2026, with full impact from 2027. At the end of June 2026, Lhyfe employed 126 people across eight European countries.
For large-scale projects, Lhyfe is focusing on onsite initiatives to be built directly at customer sites. These include Green Horizon in France, Kemsley in the United Kingdom and Delfzijl in the Netherlands. According to the company, the final investment decision for Green Horizon is expected in 2027. In October 2026, Lhyfe announced a partnership with Perpetual Next. The partners plan to examine the long-term supply of renewable hydrogen to the planned DeltaNor biomethanol production plant in Delfzijl. In addition, Lhyfe has concluded a co-development agreement with construction and infrastructure group Strabag for the German market.
Matthieu Guesné, Founder and CEO of Lhyfe, commented on market developments: "Germany, however, has translated its ambitions into concrete measures and established a structured regulatory framework that is directly stimulating demand." On the partnership with Messer, Guesné said: "Messer's expertise in industrial gases and their distribution will help us take further development steps and prepare the next phase of scaling up."
