Caisse de dépôt et placement du Québec (CDPQ) and Mirova have participated in a €200m fundraising round by green hydrogen investment platform Hy2gen.
Hy2gen’s fundraising was led by Ardian and FiveT Hydrogen’s newly created clean hydrogen infrastructure fund Hy24 together with Natixis affiliate Mirova, Canadian pension fund manager CDPQ and Paris-listed Technip Energies as a strategic investor.
The capital raised will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications, Hy2gen said.
Cyril Dufau-Sansot, CEO of Hy2gen said: “As early as 2021, we were looking for the best possible combination of financial and strategic investors to build e-fuel production facilities. These have the potential to decarbonise entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment.”
Pierre-Etienne Franc, CEO of Hy24 said: “The magic combination for success in hydrogen scale up is sizable projects in strategic basins, strong stakeholder support from off-take to project financing and execution, and the leadership of expert teams for development and steering.
“This is what Hy2gen has successfully gathered around the table. This first investment made by our Clean H2 Fund allows Hy24 to step into its role as a catalyst for hydrogen-based projects at scale to foster the energy transition.”
Raphaël Lance, the head of Mirova’s energy transition infrastructure funds said: “Mirova is committed to financing sustainable solutions for the energy transition.
“We are convinced that green hydrogen has a key role to play in the decarbonisation of the industry and are proud to partner with Hy2gen and support their ambition to become a key player in the deployment of this energy of the future.”
Emmanuel Jaclot, executive VP and head of infrastructure at CDPQ, said: “CDPQ is delighted to take part in our first green hydrogen transaction alongside trailblazers of this promising vector of energy, one which has the potential to accelerate the decarbonisation of highly polluting industries.
“With this investment in Hy2gen, we demonstrate our determination to bring concrete and pragmatic solutions to address today’s environmental challenges.”
Arnaud Pieton, CEO of Technip Energies, said: “We are partnering and investing in Hy2gen, a first-mover developer in the green hydrogen value chain. This will further strengthen our key market positioning in green hydrogen and its derivatives.
“This investment confirms the consistency of our partnership choices to deliver on our strategy. We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects.”
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