The Hamburg-based HH2E company’s site at Lubmin, assigned by Economic Minister Robert Habeck (Greens) to be Germany’s pioneer of “green hydrogen” production, has filed for insolvency. The acute reason for the move was that the London-based Foresight Group, its majority shareholder since May, pulled out of its investments in hydrogen. In addition, the finances of the entire project had been up in the air from the start.
HH2E had planned to produce up to 240,000 tons of “green hydrogen” with electrolysis powered by solar and wind power, across four production sites, by 2030.
The crisis of the “sustainability” ideology is also hitting the automobile sector in Germany hard. After having devastating effects on Volkswagen and its subsidiary Audi, another producer of e-cars in Germany is in trouble. Ford had planned for a loss of €44,000 (!) per e-SUV sold after the costs of development, production and marketing. This has now left Ford with 1.3 billion euros in losses in the third quarter and an expected €5 billion in losses over the entire year. Ford Cologne, where the e-SUV is produced, will produce only a few days per week between now and the first quarter of 2025. Daily car production will be reduced from 630 to 480.
