Dominika Kulczyk's company ends its adventure with green hydrogen production

• BGK withdrew from signing an agreement with Polenergia H2Silesia regarding non-repayable aid worth EUR 147 million.
• The factory that was supposed to produce 13,000 tons of green hydrogen per year will not be built in Upper Silesia.
• In accordance with the new strategy, Polenergia is gradually withdrawing from the area of ​​hydrogen transformation.

Bank Gospodarstwa Krajowego (BGK) withdrew from signing an agreement with Polenergia H2Silesia regarding non-repayable aid for the project of building a large-scale renewable hydrogen plant in Upper Silesia.

The withdrawal from the agreement was the result of an assessment conducted by BGK. According to the bank, the proposed changes to the project, related to adapting it to current market conditions and the conducted review of strategic options in the area of ​​hydrogen strategy, are not feasible to implement, the statement reads.

In June 2025, the H2Silesia project was qualified for support from the National Reconstruction Plan as part of the call for applications for support for projects "Investments in hydrogen technologies, production, storage and transport of hydrogen".

The project assumed the production of 13,000 tons of hydrogen per year.

The project, which was to be implemented by the special purpose vehicle Polenergia H2Silesia, assumed the construction of a large-scale hydrogen installation with a capacity of 105 MW and an annual production capacity of approximately 13,000 tons of the raw material for the needs of heavy industry and zero-emission transport.

The positive notification decision of the European Commission was issued under the IPCEIHy2Infra program and confirmed the project’s public aid funding of up to USD 142.77 million, i.e. slightly over PLN 618.31 million.

In accordance with the assumptions of the strategy for 2025-2030, Polenergia plans to gradually withdraw from activities in the area of ​​hydrogen transformation.

"In connection with the above, the issuer's management board decided to create an asset impairment write-down in relation to Polenergia H2Silesia sp. z o. o. in the amount of PLN 6.5 million. The write-down is of non-cash nature and its impact on the consolidated gross result for 2025 will amount to approximately PLN 6.5 million," Polenergia said in a press release.

The write-down will be recorded in the Polenergia Group's consolidated quarterly report for the third quarter under other operating expenses. It will be charged to operating profit but will not impact EBITDA.

Polenergia also closed the hydrogen project in Nowa Sarzyna

This effectively means Polenergia's withdrawal from green hydrogen production. In March 2025, the tender for the construction of the H2 HUB facility in Nowa Sarzyna was canceled.

A month later, the final decision was made to discontinue its implementation. The project was to be co-financed by the National Centre for Research and Development.

The company's main shareholder is Mansa Investments sp. z o. o. (42.95%) and BIF IV Europe Holdings Limited (32.04%). Polenergia has been listed on the stock exchange since May 2005.