Evaluating only Hydrogenious LOHC Technologies’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Daniel Teichmann spins out Hydrogenious from University of Erlangen to commercialize LOHC hydrogen storage.
FUNDING
Raises Series B with Mitsubishi, Evonik and Covestro as strategic investors.
PRODUCT LAUNCH
Deploys first commercial LOHC demonstration plant in Germany; green H2 costs remain prohibitive.
SHUTDOWN
Files for insolvency as European hydrogen project pipeline collapses and funding dries up.
Full Analysis
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Documented cause
Hydrogenious LOHC Technologies, which developed liquid organic hydrogen carrier technology, raised over €100M including from Mitsubishi, Covestro, and Evonik. By 2024, it filed for insolvency after hydrogen infrastructure projects across Europe were delayed or cancelled due to collapsing green hydrogen economics. The cost per kilogram of green hydrogen remained above €6, destroying business cases across its customer pipeline.