Haffner Energy IPO, Key Player in decarbonization and green hydrogen production

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Natixis, in cooperation with ODDO BHF, led this flagship Hydrogen transaction as active Global Coordinator & Bookrunner on this transaction, the first successful IPO in Europe this year, with a strong green story.

On February 10th, Natixis announced the successful completion of HAFFNER ENERGY IPO up to €83m.

Haffner Energy developed a breakthrough green hydrogen production and carbon capture process based on the thermolysis of sustainable forest and agricultural biomass. This technology, called “Hynoca®” is based on a very energy efficient process that converts sustainable biomass into green hydrogen while sequestering CO2. Hynoca® is disruptive and operational with high energy performance, allowing its customers (mobility and industrials players) to produce green hydrogen with a negative carbon footprint at competitive cost (sequestration of 16 kg of CO2 per kg of hydrogen produced, via the biochar co-produced, with a net carbon footprint of -12 kg of CO2).

The transaction launched on a very secured basis (51% of size) with 3 strategic industrial cornerstones for €8m each and 2 financial investors for €13m. Ambitious financial objectives of €250m targeted by March 2026 was supported by a solid backlog (€33m) and pipeline (€183m), allowing to achieve valuation levels in line with 2021 Hydrogen IPOs (HRS, HDF) executed in much more favorable markets.

2021 was a peak in terms of IPO activity in France with the Cleantech sector taking a significant share (HRS, HDF, WAGA Energy, Forsee Power, …). For this year, the momentum should not fade as initiated with Haffner Energy IPO, the first of 2022 in France.

Energy Transition & “Green” stories are filling up the IPO pipeline: ESG and Sustainability are clearly now a “must-have” investment criteria, at par with growth or management quality.

Natixis Green & Sustainable Hub has been involved in the transaction to:

• maximize the green value and claim around the hydrogen technology, with the assistance in the performance of the Life Cycle Analysis;
• demonstrate the integration of ESG risks at company level, with the ESG rating advisory;
• communicate in a targeted and accessible manner to ESG investors on such sustainability credentials.

In face of mounting climate change challenges, Natixis CIB’s ambition is to support the sustainable development of the hydrogen industry through financial innovation and expertise to channel capital from the financial sector (see the recent article from the co-head of Natixis CIB, Anne-Christine Champion “Mobilising private debt to support the hydrogen industry”) . To meet this ambition, Natixis CIB has adopted a three-pronged sectoral approach:

• invest to build a strong industry expertise via the set up of a task force of 20+ individuals across the CIB worldwide to monitor the industry’s macro trends and identify debt and equity opportunities;
• ensure an active and visible institutional commitment, for instance via our membership to the Hydrogen Council or the European Clean Hydrogen Alliance;
• by building a strategic dialogue with all industry leaders and key stakeholders globally.

Natixis CIB is today fully transactional on the sector with active ECM and M&A mandates, arising debt opportunities and strong green & sustainable expertise.