Real assets fund manager KGAL and EU-backed EIT InnoEnergy are teaming up to invest in European hydrogen projects.

KGAL, which has been investing in renewable energy for some 20 years, will invest in selected EIT InnoEnergy hydrogen projects that have already progressed beyond the early stage.

It will also provide fresh capital and expertise in greenfield investments and work with EIT InnoEnergy to develop projects to the point of commercial operation.

EIT InnoEnergy, supported by the EU’s European Institute of Innovation and Technology (EIT), invests in innovation to accelerate the transition to a net-zero economy and has around 180 portfolio companies.

“An important factor for investment success is access to promising projects, which is why this cooperation is so valuable for us,” said Michael Ebner, managing director of sustainable infrastructure at KGAL Investment Management.

“With its more than 1,200 partners from industry, politics, finance, research and education, EIT InnoEnergy maintains one of the largest and most relevant ‘ecosystems’ for climate technologies worldwide. We are also impressed by the high success rate of investments from our partner’s portfolio.”

Christian Müller, member of the EIT InnoEnergy management board and CEO for the DACH region, said: “KGAL has many years of project experience and has demonstrated time and again that it can bring developments to completion as planned. What is more, KGAL’s Energy Transition team, led by Thomas Engelmann, is made up of proven hydrogen experts.

“Our strengths in bringing breakthrough climate technologies to the market perfectly complement KGAL’s strengths in the later stages of the life cycle.”