Hy24 closes clean hydrogen infrastructure fund at €2bn

Hy24, Ardian and FiveT Hydrogen’s clean hydrogen infrastructure investment platform has raised €2bn for a fund.

Hy24 said Clean H2 Infra Fund’s final close was backed by investors including CMA CGM Group, Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Société Générale Assurances, BBVA and Norinchukin.

As previously reported, Hy24 received commitments from anchor investors Air Liquide, TotalEnergies and Vinci as part of an initial €800m commitment received by the fund. Plug Power, Chart Industries, Baker Hughes, Asian industrial group Lotte Chemical and insurer AXA also joined the fund as anchor investors.

Companies including airport operator Groupe ADP, clean-energy fuel-cell solutions firm Ballard, French government-owned electricity company EDF and automotive supplier Schaeffler also made commitments to the fund.

The fund attracted more than 50 investors from 13 countries in the Americas, Europe and Asia, including major industrial companies, corporations, banks, pension funds and insurance companies, Hy24 said.

Hy24 said the fund, which aims to “mobilise up to €20bn of investment capacity over the next six years”, is the world’s first and largest infrastructure fund to invest in the entire clean-hydrogen value chain across Europe, the Americas and Asia.

The fund’s investments so far include participation in a €110m fundraising of H2 MOBILITY Deutschland, the operator of Europe’s largest network of hydrogen stations. In addition, it has participated in the €200m financing round of Hy2Gen, an operator of production sites for decarbonised hydrogen and its derivatives, with CDPQ as a co-investor. The fund has also acquired a 30% stake in Enagás Renovable, a developer of renewable hydrogen projects.

Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “Hy24, through the Clean H2 Infra Fund, has rapidly gathered an impressive group of industrial and financial leaders committed to moving the hydrogen agenda forward significantly.

“With €2bn of commitments, this fund will spur on the deployment of up to €20bn in assets of strategic value to the industry in the next six years, performing for our investors and helping to decarbonise the global economy. This creates the right support for the new and critical hydrogen policy frameworks in our key geographies.”

Laurent Fayollas, deputy head of infrastructure at Ardian and president of Hy24, said: “We are extremely grateful for the trust and support of our investors.

“The combination of Ardian’s unique investment and asset management expertise, FiveT Hydrogen’s industry knowledge, the diversity of our investors and our ability to leverage Hy24’s strong deal flow will put us in a unique position to grow this industry at scale into a decisive asset class.”

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