Hy2Gen, a hydrogen specialist in which Caisse de dépôt is a shareholder, is suing ethanol producer Greenfield Global, its partner in the construction of a 250 million green hydrogen plant in Varennes.
Hy2Gen Canada accuses Greenfield of having unilaterally and illegally ended their partnership concluded in 2019 and claims 3.5 million for the investment it made in Henergia, the equal subsidiary created and incorporated in 2019 to carry out the project.
The facilities were to be built on a site adjacent to the Greenfield ethanol plant in Varennes. Hydro-Québec was to participate in the project by financing the construction of the electrolyzer necessary for the production of green hydrogen, according to documents filed in court. The commissioning of the installations was planned for 2023.
Hy2Gen claims that two years after Henergia was formed, Greenfield Global asked it to reduce its stake in the joint venture from 50% to 40% and increase its stake from 50% to 60%.
According to the Superior Court motion filed by Hy2Gen, Greenfield ignored her refusal and went even further by reducing its participation to 25%, before letting it know that it would henceforth pursue the project alone.
Hy2Gen thus learned “that its status would henceforth be reduced to a consultant title, despite its continuous contribution for several years to the advancement of the project,” denounces the company in the request. In particular, she claims to have provided expertise on the production and market of hydrogen to the joint venture, while her partner himself admitted to having no knowledge of the sector.
The green hydrogen plant on the Greenfield site in Varennes never saw the light of day. Hydro-Québec supported another project, Recyclage Carbone Enerkem, also located in Varennes, before completely withdrawing from the sector.
“As the production of biofuel is not part of the company’s strategic priorities, the continuation of the project will henceforth be carried out without the participation of Hydro-Québec as promoter,” the company simply explained. of State in August 2022.
Hy2Gen Canada, for its part, is pursuing another hydrogen production project in Baie-Comeau. This project, estimated at nearly $1 billion, was to be completed in 2026. It was delayed by two years because the company is waiting for a 300-megawatt electricity block from Hydro-Québec and hopes that There will be more energy available in five years.
Hy2Gen is also associated with the Quebec company SAF Consortium in the development of renewable fuel for the air transport sector.
Hy2Gen Canada is the subsidiary of the private German company Hy2Gen, based in Wiesbaden, Germany. With three other partners, Caisse de dépôt invested nearly 300 million in the company in 2022, which constituted its very first foray into the green hydrogen sector.