Hydrogen investment startup Hy24, a joint venture between FiveT Hydrogen and Ardian, has announced the creation of an impact fund with €2 billion ($1.94 billion) in allocations. The deal, which exceeds initial expectations, marks the beginning of the first and largest infrastructure fund that will invest entirely in the value chain for clean hydrogen.
The fund’s launch has been supported by founding investors Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries and Baker Hughes. It has since attracted over 50 investors coming from 13 countries, including several large industrial firms, corporations, banks, insurers, and pension funds. The Fund’s closing comes with key investor CMA CGM Group together with several other key investors.
The startup “has rapidly gathered an impressive group of industrial and financial leaders committed to moving the hydrogen agenda forward significantly,” said Pierre-Etienne Franc, co-founder and CEO of Hy24. “With €2 billion of commitments, this fund will spur on the deployment of up to €20 billion ($19.39 billion) in assets of strategic value to the industry in the next six years, performing for our investors and helping to decarbonize the global economy. This creates the right support for the new and critical hydrogen policy frameworks in our key geographies.”
Hy24 makes first-mover investments in sustainable projects, helping bring hydrogen’s potential from upstream projects such as renewable and low-carbon hydrogen production to downstream projects like captive fleet and refueling stations. The fund is planned to be committed within the upcoming six years.
So far, the Fund has participated in H2 MOBILITY Deutschland’s €110 million ($106.62 million) fundraising and in Hy2Gen’s €200 million ($193.86 million) financing round. The Clean Hydrogen Infrastructure Fund has also acquired a 30% stake in renewable hydrogen projects developer Enagás Renovable, which is a subsidiary of Enagás.
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