The O 2 -tolerant, NAD + -reducing soluble [NiFe] hydrogenase (SH) from Ralstonia eutropha H16, HoxHYFUI 2 , is a complex enzyme, harboring multiple redox cofactors: a [NiFe] active site, an electron relay of iron-sulfur clusters, and two noncovalently bound flavin mononucleotides (FMN). The interplay and functional role of these cofactors is so far not understood in detail. In the present study, the isolated HoxHY module was investigated, which represents the smallest active subcomplex of a [NiFe] hydrogenase. Direct electrochemical studies and solution assays showed that the as-isolated HoxHY is initially catalytically inactive, but after reductive activation at low potentials, exhibits both H 2 oxidation and H + reduction, consistent with the role of the SH in bidirectional catalysis. The overpotential relative to E(2H + /H 2 ) is minimal, facilitating coupling of the closely spaced 2H + /H 2 and NAD + /NADH half reactions in the SH. Methyl viologen reduction assays revealed that H 2 oxidation by HoxHY is enhanced on addition of excess FMN, in line with results from optical spectroscopy which indicate that FMN is present at substoichiometric levels in as-isolated HoxHY. X-ray absorp-