Asset manager KGAL has been hired by the German government-owned development bank to manage a green hydrogen projects development fund.
KGAL said it has won the tender by German KfW Bankengruppe to manage the PtX Development Fund, a vehicle expected to invest billions of euros to promote the development of green hydrogen projects in developing and emerging economies.
The fund, financed by the German Federal Ministry for Economic Cooperation and Development, will provide financial support for public organisations and private companies to develop the green hydrogen value chain, KGAL said.
Florian Martin, managing director of KGAL’s investment management business, said: “Four years ago, we strategically developed the energy transition field at KGAL by building a new team. KfW’s mandate underlines our expertise in the green hydrogen asset class.”
Martin added that KGAL is already investing in the segment of energy transition on behalf of its institutional clients, via the ESPF 6, the manager’s latest European renewable energy fund.
Thomas Engelmann, the head of energy transition at KGAL, said: “The hydrogen revolution, in which green hydrogen replaces fossil fuels, is getting underway. This is evident in funding initiatives such as KfW’s and in the progress made on European hydrogen regulations.”
Michael Ebner, managing director of KGAL’s investment management arm said: “With the KfW mandate, KGAL is making an important contribution to building the international hydrogen economy.”
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