Hydrogen infrastructure fund manager Hy24 has invested in StormFisher Hydrogen, a company specialising in clean fuel development and production.
Hy24’s Clean Hydrogen Infrastructure Fund has invested $50m (€48.2m) to help StormFisher deliver its pipeline of clean fuel production projects in North America.
StormFisher Hydrogen develops, owns and operates large-scale facilities producing green hydrogen-derived e-fuels, such as e-methane and e-methanol.
The investment will help accelerate StormFisher Hydrogen’s project pipeline, which includes facilities in the US and Canada with up to 1.8GW of renewable capacity by 2030.
Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “We are pleased to make our first direct investment in North America to support the growth of StormFisher Hydrogen.
“The company can leverage its energy platform approach, strong offtaker strategy, and a favourable international regulatory landscape to deploy its robust pipeline of e-Fuels projects and drive its export ambitions to European and Asian markets.
“These clean energy solutions present a significant opportunity for North America in its pursuit of energy security, economic growth, and its trade and continued leadership in the sector.”
Judson Whiteside, president and CEO of StormFisher Hydrogen, said: “This collaboration with Hy24 enables us to advance projects in our pipeline and reinforces our role as a leader in project development.
“We bring a lot of value and long-term jobs to the communities we are developing in, while increasing molecule exports to Europe and Asia. With cutting-edge energy infrastructure and highly skilled workforce, the US is poised to lead the global low-carbon fuels market.”
StormFisher Hydrogen said it expects to deploy several billion dollars in capital over the next decade, fueled by previous investment from ARC Financial’s ARC Energy Transition Fund and this latest investment from Hy24.
Brian Boulanger, CEO of ARC Financial, said: “We are thrilled to partner with Hy24. “Their deep expertise and sectoral focus in the hydrogen and e-Fuel space will be instrumental in accelerating StormFisher Hydrogen’s mission to lead in clean fuel development.
“With the management team’s proven track record in developing major projects, ARC Financial’s extensive North American investment experience, and Hy24’s global reach, we are well-positioned to deliver low-carbon hydrogen-derived products to our industrial customers at scale.”
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