Infrastructures
Our first dedicated infrastructure investment fund, the “Clean Hydrogen Infrastructure Fund”, has raised 2 billion euros and attracted over 50 investors from among the leaders in industry and finance. This fund is a unique instrument for supporting the growth of an industry that is playing a key role for decarbonization.
The clean hydrogen infrastructure strategy
The world’s largest hydrogen infrastructure fund results from the initiative of Air Liquide, TotalEnergies and VINCI Concessions, combined with the one of Plug, Chart Industries and Baker Hughes’ drive. All were sharing a common objective to accelerate the development of the hydrogen sector with the launch of the “Clean Hydrogen Infra Fund”. By mutual agreement, these industrial leaders have decided to entrust us with the management of this unique fund, making Hy24 the first pure player in hydrogen investment.
The “Clean H2 Infra Fund” is managed by Hy24, a 50/50 joint venture between Ardian, a world leading private investment house, and FiveT Hydrogen, a clean hydrogen investment platform which enabled the gathering of the two initiatives. The fund has also attracted additional anchor industrial partners such as LOTTE Chemical, Airbus, and Snam, Enagás, GRTgaz (together as one Anchor partner) and anchor financial investors such as AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ, JBIC as well as other investors including: Border to Coast Pensions Partnership, the CMA CGM Group, ERAFP, Nuveen, Ballard, Schaeffler, Société Générale Assurances, Groupe ADP, EDF, Norinchukin, Caisse des dépôts, DBJ, Itochu, Groupama and BBVA. The fund is now operational with €2 billion of allocations, part of which has already been deployed through 8 investments considered as sustainable investments (in accordance with art. 9 of the SFDR regulation under which our funds operate) around the world to support entrepreneurs and developers: Hy2Gen, H2 Mobility, Enagas Renovable, Everfuel, Elyse Energy, H2 Green Steel, InterContinental Energy, HysetCo.
Drawing on the unique industrial and financial expertise of our team, the fund has an unrivaled ability to accelerate the scaling-up of hydrogen solutions across the entire value chain: from production, with integrated renewable and hydrogen production projects, to conversion, storage, supply and use to decarbonize intensive industries (for which the electron alone is insufficient) and heavy and intensive transport and mobility applications (e.g. hydrogen stations and captive fleets). Our fund — open to professional investors only — is classified under the “article 9” of the SFDR regulation, applying to funds that have set themselves the objective of investing solely in sustainable assets with social and environmental objectives, for the benefit of the energy transition.
Through this fund, our investment team supports and accompanies large-scale strategic low-carbon hydrogen projects in their start-up phase, turning them into essential energy infrastructures. The number of projects, often led by developers and entrepreneurs, continues to grow. According to the Hydrogen Council, the number of projects worldwide has increased from nearly 1,000 to over 1,500 between 2022 and 2024. These projects testify to the unprecedented dynamism of a sector whose market is still in the process of structuration, even though it is regularly thrown into geopolitical, economic, and monetary turmoil (energy wars and crises, rising inflation, rising interest rates). Despite these cyclical effects, the momentum for hydrogen remains strong. It is driven by national strategies, the European REPowerEU trajectory, various support mechanisms (including the European H2 Bank), and strategic advances in the world's largest regions, which are also the most promising for investment by our infrastructure fund: Europe, Asia-Pacific, North America and the Middle East and North Africa.
Supporting the deployment of essential infrastructure
Hy24 is driving the scale-up of the low-carbon hydrogen economy with first-mover investment in sustainable projects. We are helping hydrogen to achieve its 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.
Driving the scaling up of the hydrogen economy
“Hy24, through the Clean H2 Infra Fund, has rapidly gathered more than 50 industrial and financial leaders committed to moving the hydrogen agenda forward significantly. With €2 billion of commitments, the fund expects the deployment of up to €20 billion in assets of strategic value to the industry in the next six years — both providing performance 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.”
