Hy24, the joint-venture between FiveT Hydrogen, the clean hydrogen-enabling investment partner, and Ardian, has announced the closing of its first impact Fund at €2 billion of allocations, exceeding its initial ambitions.
The Fund closes now with a new key industrial investor the CMA CGM Group, and new key financial investors Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Société Générale Assurances, BBVA and Norinchukin.
The Fund’s creation has been supported by the founding anchor investors:
- Air Liquide
- VINCI Concessions
- TotalEnergies
- Plug Power
- Chart Industries
- Baker Hughes.
Hy24 aims to drive the scale-up of the clean hydrogen economy with first-mover investment in sustainable projects. It is also helping to realise hydrogen’s global potential as the low carbon energy vector of the future by investing in the entire hydrogen value chain, from upstream projects such as renewable and low carbon hydrogen production to downstream projects such as captive fleet and refueling stations. The €2 billion Fund capital aims to be committed within the next six years.
With €2 billion of commitments, this fund will spur on the deployment of up to €20 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
Pierre-Etienne Franc, co-founder and CEO of Hy24, said.
The capital raised through the Fund has already started to be deployed, as the Fund has participated in the €110 million fundraising of H2 MOBILITY Deutschland, the operator of Europe’s largest network of hydrogen stations.
In addition, the Fund has participated in the €200 million financing round of Hy2Gen, an operator of production sites for decarbonized hydrogen and its derivatives, with CDPQ as a co-investor.
The Fund has also acquired a 30% stake in Enagás Renovable, a leading developer of renewable hydrogen projects, subsidiary of Enagás, the Spanish Transmission System operator.
