Lhyfe, the French renewable hydrogen producer listed on Euronext, has announced a sweeping commercial, industrial and financial partnership with Messer, the world's largest privately-owned industrial gases specialist, combining a decade-long supply contract with a minority equity stake in four of Lhyfe's production assets across France and Germany.

Structure of the Agreement

The deal, announced on 13 July 2026, sees Messer take a 30 percent stake in the company, holding four of Lhyfe's green hydrogen production sites, three located in France and one in Germany.

Alongside the equity transaction, the two companies have signed a 10-year supply agreement backed by those same four sites. Messer has committed to a minimum purchase volume beginning in 2026, which is expected to gradually increase and reach several hundred tonnes per year. Beyond that minimum commitment, Messer is targeting the purchase of half of the output from the three French sites covered by the deal.

The agreement positions Messer simultaneously as a long-term customer, a reference industrial partner, and an investor in the underlying assets. Lhyfe described the transaction as its first capital rotation, representing the company's ability to crystallize value from assets it has already taken through permitting, financing, construction, and commissioning phases.

Completion of the transaction is expected in the coming months and remains subject to lenders' consent, in accordance with existing financing documentation.

What Each Party Brings to the Partnership

Lhyfe was founded as a developer and operator of renewable hydrogen production assets and has positioned itself as one of the world's pioneers in producing green and renewable hydrogen for the decarbonisation of industry and mobility.

Messer, headquartered in Bad Soden, Germany, brings more than 125 years of experience in industrial, medical, electronic and specialty gases, along with deep expertise in hydrogen technologies, safety, operations, logistics, gas handling, customer relations and multi-gas distribution.

Through the agreement, Messer secures long-term access to renewable hydrogen, including hydrogen certified under the Renewable Fuels of Non-Biological Origin, or RFNBO, standard, sourced from multiple production sites across two countries.

The company intends to integrate this hydrogen into its existing multi-gas product offering to serve both existing industrial customers and new clients seeking to meet decarbonisation targets.

Lhyfe, for its part, will retain full operational control of the sites. The company will continue to consolidate the company holding the four production sites on a full consolidation basis and will remain the exclusive operator, continuing to invoice operation and management services to the asset-holding companies.

Financial Implications for Lhyfe

Lhyfe said the partnership directly addresses several priorities the company had previously announced: commercial growth through indirect sales, improved revenue visibility, and the demonstration of value created by its portfolio of assets.

On the financial side, the agreement is expected to deliver more visible and recurring cash flows stemming from the long-term contract structure and Messer's minimum purchase commitment. The sale of a 30 percent equity stake in the four-site holding company is also described as strengthening Lhyfe's overall financial position.

Importantly, Lhyfe stressed that despite the equity entry by Messer, the group retains majority exposure to the growth potential of these assets and remains their exclusive operator.

The company said the capital rotation model it is now demonstrating allows it to focus resources on projects that are most advanced, commercially secured, and value-creating.

A Signal for the Broader Renewable Hydrogen Industry

Both companies framed the deal as significant not only for their respective organisations but for the renewable hydrogen sector as a whole.

Peter Mohnen, CEO of Messer SE and Co. KGaA, said the agreement underlines Messer's long-term commitment to enabling the hydrogen economy. He noted that demand for renewable hydrogen continues to increase and pointed to the geographically diversified production footprint of the sites as a means of optimising supply chains, shortening transport distances and reducing transport-related emissions.

Matthieu Guesné, founder and CEO of Lhyfe, said the decision by a leading global industrial gases company with more than 125 years of experience to invest in Lhyfe's assets sends a strong signal to the entire industry.

He described it as confirming both the strength of Lhyfe's business model and the accelerating adoption of renewable hydrogen across industrial sectors. Guesné noted that Messer had already been a Lhyfe customer for several years prior to the expanded agreement.

Scope and Geography

The four production sites covered by the deal span two of Europe's largest industrial economies. Three sites are located in France and one in Germany, providing Messer with a geographically distributed source of renewable hydrogen supply.

The 10-year supply agreement is backed specifically by these four sites, with Messer's minimum volume commitments beginning this year and scaling over time.

Lhyfe is headquartered in Nantes, France, while Messer's principal address is Bad Soden, Germany. The partnership reflects what both companies described as a convergent view of the renewable hydrogen market, including its development potential over the medium to long term.

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