March 17, 2023

Next Stop, Green Hydrogen For Emission-Free Buses

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Green hydrogen is poised to become the fuel of the future: It is one of several promising clean burning options that could eventually replace fossil fuels. With practical applications in industry and transportation, particularly trucks, buses and aviation, green hydrogen will be critical to meeting the global target of reducing carbon emissions to net zero by 2050.

Before it can fulfill these lofty ambitions, however, there is work to be done in testing, application and infrastructure.


Recognizing the growing market potential for green hydrogen, along with its importance in solving the climate crisis, clean transportation company Hynergy/Cryomotive developed a green hydrogen storage and refueling technology platform for buses and trucks. The company forecasts that production of hydrogen trucks and coach buses will reach more than 50,000 units per year in Europe by 2030, along with more than 100,000 units per year in China.

In order to capitalize on this anticipated demand for green hydrogen and assess their innovative technology platform, Hynergy/Cryomotive and its investment company, Hynergy Invest, needed financing to build a research and testing facility near Munich and Pfeffenhausen.

Because it will bring modern energy technology to the region, the site attracted both government subsidies and intense scrutiny from the free state of Bavaria and the republic of Germany, creating a politically sensitive backdrop to the proceedings.


The entrepreneurs behind Hynergy/Cryomotive turned to their longtime, trusted McDermott team—including Christian von Sydow, Florian Lechner, Matthias Weingut and Germar Enders—to represent the company and Hynergy Invest in a capital increase and a financing round of new shareholders to secure funding for the new facility.


Working with McDermott and a corporate finance firm, Hynergy Invest raised more than €8 million and added eight shareholders ranging from industry players to local citizen energy cooperatives in Germany. The McDermott team collaborated with both the client and corporate finance firm to negotiate participation agreements, capital increases, reps and warranties, and other related documentation around the investments and construction of the new research and testing site.

A strong practice in both renewable and conventional energy, along with a history of success and mutual trust with the client, put the McDermott team in a solid position to help Cryomotive and Hynergy Invest accelerate their work in green hydrogen.


To guide Hynergy Invest and Cryomotive through negotiations on the construction of the new facility, the team drew on experience handling complex building, construction and technical equipment contracts for high-tech companies. That developer-side work, along with McDermott's prior representation of two different parties in the sale of a satellite test center near Munich—which featured an infrastructure similar to the one required by the green hydrogen research and testing center—also gave Hynergy Invest and Cryomotive valuable insights into the process.

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