First Berlin Equity Research has published a research update on H2APEX Group SCA (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 3.70 price target.

Abstract
Copenhagen Infrastructure Partners (CIP), the world’s largest specialist fund manager for investments in early-stage green infrastructure projects, has acquired 70% of H2APEX’s IPCEI-funded 100 MW electrolysis project in Lubmin and plans to invest €15m in the project ahead of the final investment decision. CIP and H2APEX are aiming for joint financing of the project, which is scheduled for completion in 2028. We consider CIP’s entry to be a major success for H2APEX and now believe that the probability of the project being implemented is very high. We confirm our forecasts as they already reflect the implementation of the project in partnership. We have also taken into account the successful completion of the €30m capital increase in July. We reiterate our Buy recommendation at an unchanged €3.70 price target. Upside: 100%.