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  • Musel GreenMet to have an initial electrolysis capacity of 50 megawatt, and up to 100 MW in a second phase.
  • The Musel plant will produce up to 100,000 tons of e-methanol per year and will be operational in 2027.
  • The project will generate up to 500 jobs during construction, plus 40 direct jobs and 120 indirect jobs once it is operational.

Bilbao, June 18, 2024 – HyFive, the green hydrogen and derivatives platform of energy transition infrastructure investor White Summit Capital (WSC), will invest 250 million euros to build a green hydrogen and methanol production plant in the port of El Musel, in the northern Spanish city of Gijon (Asturias).

The project, presented Tuesday in El Musel, will be located on a 41-hectare plot on the port’s Aboño esplanade. Construction works are scheduled to begin in the third quarter of 2025, and the plant should start commercial operations in 2027.

The project is supported by the H2 Pioneros program awarded by Spanish state entity IDAE and funded by the European Union’s NextGenerationEU program. In its first phase, the facility will have a total capacity of 50 MW for green hydrogen production. This will feed into an e-methanol plant with an annual capacity of 100,000 tons. The plan is to double electrolyser capacity during a second phase, reaching 100 MW.

“Our project will be central to integrating large-scale hydrogen production, CO2 capture from multiple nearby industries, the production of green fuels as well as infrastructure enabling storage, transportation, consumption and exports,” said Alberto Sánchez de Rojas, CEO of HyFive. “The port location is ideal, and the area has potential for future growth as industries intensify decarbonisation efforts and the H2Med pipeline hydrogen transport infrastructure also reaches the port.”

The green methanol will be produced from green hydrogen and CO2 captured from hard-to-abate industries close to the new plant, allowing for savings of up to 175,000 tons of CO2 per year and contributing to lower pollution in the Asturias region.

Musel GreenMet will be part of the local ecosystem, forming a valley of green fuels in Asturias that creates synergies with the surrounding industry and moves towards a decarbonisation model on a regional scale.

Not only will it be located in a strategic area such as the port of Gijon, but it will also consume green hydrogen both produced by the project itself and by others that are currently being developed in its surroundings.

The project will be a job generator in the area, creating up to 500 jobs for the construction of the plant.

Once the plant is operational, it will employ around 40 workers, and create another 120 indirect jobs related to the plant.

Gonzalo López Medina, managing partner of White Summit Capital, added: “A project as ambitious as this requires the diverse financial, technical and management experience and capabilities that WSC and HyFive bring together. It also requires a true will and spirit of collaboration with local authorities, industry and citizens.”

HyFive’s project portfolio is primarily aimed at areas where the EU seeks to accelerate decarbonisation and is implementing enforced regulation. These projects include eFuels, heavy duty transportation and certain energy-intensive industrial applications such as cement, steel, chemicals, and ceramics.

Launched in 2021 and 100% owned by WSC, HyFive is a vertically integrated green hydrogen and derivatives producer. The company is developing a pan-European portfolio of projects with plans to reach 1.5 GW of operational capacity by 2035.

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About HyFive

HyFive is a vertically integrated renewable gases company headquartered in Bilbao, Spain. The firm manages a number of projects to develop industrial scale green hydrogen, eFuels and ammonia facilities at different locations in Europe, with an early focus on Spain. HyFive will operate across the entire value chain, including production, transportation, storage and commercialisation of green hydrogen and related green energy products.

For more information, please visit:

www.hy5.energy

About White Summit Capital

White Summit Capital is a long-term investor and asset manager specialized in sustainable energy infrastructure with more than €2.1 billion of deployed capital in Europe and North America. Founded in 2011, WSC’s team of 25 investment professionals are spread across offices in London, Madrid and Zug (Switzerland), where the firm is headquartered. WSC has a particular focus on mid-market investments in three key segments of the energy transition: renewables integration, sustainable transportation, and the decarbonisation of industries. In January 2024, the European Investment Fund made a €150 million commitment to WSC’s Decarbonisation Infrastructure Fund II, which has a target size of €500 million.

For more information please visit:

www.whitesummitcap.com

Press contact White Summit Capital:

Christopher Bjork, christopher@leadbythought.com, tel +34 606396093