Holthausen Energy Points produces green hydrogen at hydrogen refueling stations in Groningen and Amsterdam. Meeting the growing demand has proven challenging. With an investment from NOM, the company can now scale up. “Once it gets going, it’ll move very quickly.”
“We had more demand for green hydrogen than we could produce ourselves,” says Carl Holthausen. “And if you want to scale up, you need funding. However, many traditional banks still view the hydrogen market as too uncertain. So, without proof, there’s no funding, and without funding, there’s no proof. You just end up going around in circles.”
Carl is the director of Holthausen Energy Points, a company focused on rolling out hydrogen, CNG, and electric charging stations. One of its activities is the operation of public hydrogen refueling stations in Groningen and Amsterdam. The stations produce green hydrogen on-site via electrolysis, a process in which water is split into hydrogen and oxygen using electricity. Holthausen uses only green electricity for this purpose. The hydrogen goes directly to the pump, where trucks, buses, and passenger cars can refuel day and night.
Industrial customers
For over eight years, Holthausen Energy Points has been using small electrolysers to produce green hydrogen. But, as mentioned, demand grew faster than the facilities could keep up with. In addition to the hydrogen used in cars, the stations also fill large quantities of gas cylinders with green hydrogen for industrial customers. And that market is growing at a rapid pace.
“We’re part of the Holthausen Group,” says Carl. “That also includes Holthausen Gassen, which specializes in supplying and transporting various types of gases. Through that existing network, we came into contact with renowned gas manufacturers who wanted to have their cylinders filled with certified green hydrogen. That market has existed for a hundred years, but it suddenly came our way.”
So, certified green hydrogen. But what does that actually mean? “Our hydrogen is RFNBO-certified,” Carl explains. “That means we can guarantee that the hydrogen we supply is 100% green. No gray or blue hydrogen—only hydrogen from renewable sources and of ultra-pure quality.”
The clever thing about the concept is that hydrogen is produced during periods of high renewable electricity generation.
Emma Schakel Investment manager NOM
Additional investor
To continue meeting demand, Holthausen Energy Points wanted to invest in larger electrolysers. A round of meetings with several banks yielded no results. The company was also unable to secure funding from its then-primary bank. By purchasing hydrogen from external sources, however, it continued to grow as usual. “But what you buy is a lot more expensive than what you produce yourself,” Carl emphasizes. “You just don’t make any money on that. You have good revenue, but there’s hardly anything left after expenses.”
In the end, Triodos Bank agreed to provide funding. However, the bank preferred that an additional investor be brought on board. That’s how Holthausen Energy Points ended up with NOM. “It’s a company with a long history and strong regional roots,” says Stijn Kamminga, investment manager at NOM. “They’ve built up a tremendous amount of expertise in hydrogen and got started early on, which puts them ahead of the competition. With their reputation in the market and the positive feedback from both existing and potential customers, we knew: this is a promising business model.”
That market just came rolling our way all at once.
Carl Holthausen
Smart concept
Still, the NOM didn’t rush into anything. First, the company had to put its plans and projections in writing in a clear and well-substantiated manner. Can you produce at a competitive price? And will you have sufficient sales in the future? Carl managed to convince NOM to such an extent that it decided to invest in Holthausen Energy Points and become a shareholder. The OWE subsidy the company received also played a role in this decision. Among other things, this program reduces the operating costs for green hydrogen produced via electrolysis, thereby bridging the gap between expensive green hydrogen and cheaper gray hydrogen.
Emma Schakel, an investment manager at NOM, also sees the company’s potential. “The clever thing about the concept is that hydrogen is produced during times when there’s plenty of renewable electricity,” she says. “During the day, when solar and wind power are at their peak, the electrolysers run at full capacity. In the evening, when energy demand peaks, they scale back. This way, they help balance the power grid and take advantage of low or even negative electricity rates.”
The first large-scale electrolysers have now been installed. Both locations will be further expanded in the coming period. In Groningen, the focus is primarily on tube trailers and the supply of hydrogen for mobility and specialty gases. In Amsterdam, the emphasis is on filling gas cylinders for industrial customers.
Tipping point
Hydrogen is still in its infancy in the Netherlands. The sector is growing, but more slowly than hoped. The grand hydrogen ambitions of a few years ago are still far from being realized. Projects are facing delays, funding is scarce, and the promised breakthrough is slow in coming. This is exactly the frustration Carl has been feeling for years.
Still, he looks ahead with undiminished confidence. “Hydrogen is an energy carrier that’s talked about a lot, but very little is actually being done with it. The cycle is 100 percent closed. We turn water into hydrogen gas. That goes into a vehicle. Air is added in the fuel cell. And what comes out of the exhaust pipe? Purely the same water we started with. Once you understand that cycle, you wonder: why hasn’t this ever taken off? The tipping point is coming—I’m certain of it. And once it gets going, it’ll take off very quickly.”