ITOCHU invests in Clean H2 Infra Fund
Japan is one of the most promising and committed countries for the deployment of hydrogen.
ITOCHU Corporation has acquired Clean H2 Infra Fund SLP shares through its wholly-owned special purpose corporation (SPC).
ITOCHU also entered into an agreement with Tokyo Century Corporation regarding the third-party allotment of shares in the SPC to Tokyo Century, enabling the joint ownership of shares in the fund (investment ratios of 50% to ITOCHU and Tokyo Century respectively following the allotment), contingent upon the approval of regulatory authorities. The SPC plans to invest up to € 20 million in the fund.
Together with Tokyo Century, ITOCHU intends to use the knowledge and experience gained through this investment to broadly cater to the decarbonisation solution demands of domestic and overseas business partners based on a market-in mindset.
Other Japanese companies also invested in the fund, for example, the Japan Bank for International Cooperation (JBIC) has committed to investing up to €100 million as an anchor investor.
The fund was established in October 2021 at the initiative of three French companies, namely Air Liquide, TotalEnergies and VINCI. The fund is managed by general partner Hy24, an equally-owned joint venture between Ardian and FiveT Hydrogen.
Pierre-Etienne Franc, CEO of Hy24 said, “Partnering with Itochu, a key actor within the ecosystem, is a new step for our Clean H2 Infra Fund, allowing us to fully play our role of catalyst to accelerate the implementation of hydrogen projects that are crucial for the energy transition.”
