Hy24 closes clean hydrogen infrastructure fund at €2 billion

Hy24 has closed its hydrogen impact fund (Clean H2 Infra Fund), which is focused on scaling proven hydrogen technologies and help to decarbonize the global economy.

Hy24 aims to mobilize up to €20 billion of investment capacity over the next six years using its unique blend of financial firepower and sector know-how drawn from its major strategic investors and an experienced team.

The portfolio will be diversified across geographies (Europe, Americas and Asia) and value chains, upstream and downstream, to scale up the clean hydrogen economy

Paris, October 10th, 2022 – Hy24, the joint venture between FiveT Hydrogen, the clean hydrogen-enabling investment partner, and Ardian, the world-leading private investment house, has announced the closing of its first impact Fund at €2 billion of allocations, exceeding its initial ambitions. It is the world’s first and largest infrastructure fund to invest exclusively in the entire clean hydrogen value chain.

The fund closes 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 leverages a unique blend of sector know-how and financial firepower to position Hy24 as a true catalyst at the heart of the hydrogen ecosystem, with 50% of its commitment provided by industrial investors.

The raised capital has already started to be deployed: The Fund has participated in the €110 million fundraising of H2 MOBILITY Deutschland, the operator of Europe’s largest network of hydrogen stations. The fund has also 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.

Pierre-Etienne Franc, co-founder and CEO of Hy24, said, “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.”

Laurent Fayollas, President of Hy24, said, “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.”