Press releases
We are the world's first and largest hydrogen private equity asset manager. We are investing across the hydrogen economy to deploy the infrastructure and technologies needed for a low-carbon, resilient and sovereign economy. To date, we have made 9 investments to support Hy2Gen, H2 Mobility, Enagas Renovable, Everfuel, Elyse Energy, InterContinental Energy, H2 Green Steel, HysetCo and Hexagon Purus.
Hy24's Clean H2 Infra Fund
Hy24 closes world’s largest clean hydrogen infrastructure fund at EUR2 billion Hy24 today announced the closing of its hydrogen impact fund (Clean H2 Infra Fund or “the Fund”) The Fund is focused on scaling proven hydrogen technologies for mature infrastructure assets and aims to play a major role in decarbonizing the global economy Launched just a year ago, the Fund is already the world’s largest pureplay clean hydrogen infrastructure Fund dedicated to the entire clean hydrogen value chain Hy24 aims to mobilize up to EUR20 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 EUR2 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’s creation has been supported by the founding anchor investors Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries and Baker Hughes. It has then attracted more than 50 prominent investors from 13 countries in the Americas, Europe and Asia, including major industrial companies, corporations, banks, pension funds and insurance companies – industrial anchor investors, including LOTTE Chemical, Airbus, and Snam, Enagás, GRTgaz (together as one anchor partner), and the financial anchor investors AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ and JBIC – as well as other key investors, including Ballard, Schaeffler, Groupe ADP, EDF, Caisse des dépôts, DBJ and Itochu. 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 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. Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “Hy24, through the Clean H2 Infra Fund, has rapidly gathered an impressive group of industrial and financial leaders committed to moving the hydrogen agenda forward significantly. 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.” Laurent Fayollas, Deputy Head of Infrastructure at Ardian and President of Hy24, added: “We are extremely grateful for the trust and support of our investors. The combination of Ardian’s unique investment and asset management expertise, FiveT Hydrogen’s industry knowledge, 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.” Hy24 is driving the scale-up of the clean hydrogen economy with first-mover investment in sustainable projects. It is 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 EUR2 billion Fund capital aims to be committed within the next six years. The Fund is an Article 9 Fund under European SFDR regulations, which classify funds that meet stringent environmental and social criteria. The capital raised through the Fund has already started to be deployed: The Fund has participated in the EUR110 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. The climate crisis and geopolitical turmoil in energy markets require accelerating the development of hydrogen as the vector most suited to decarbonize heavy mobility and energy-intense industries. From the U.S.’s Inflation Reduction Act to the E.U.’s RePowerEU, governments around the world have acknowledged the need for the deployment of clean hydrogen at a scale and pace conducive to reaching net-zero ambitions. It is estimated that clean hydrogen solutions could represent up to 20% of the final energy demand within the 2050 net-zero agenda[1].
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H2 MOBILITY
Accelerated expansion of H2-refuelling infrastructure: H2 MOBILITY Deutschland moves ahead with EUR110m investment plan and Hy24 managed fund as a new financial shareholder Berlin, 29 March 2022 | H2 MOBILITY Deutschland announces today a EUR110m investment round, provided by Hy24, the world’s largest clean hydrogen infrastructure investment platform, alongside significant investments from existing industrial shareholders. Next to Hy24 managed fund, Air Liquide, Daimler Truck, Hyundai, Linde, OMV, Shell, and TotalEnergies contributed to the capital raise. The investment will be used to upgrade the existing network and build new stations to meet rising hydrogen demand for commercial and intensive use vehicles. The new shareholder was presented today in Berlin in the presence of Ismail Ertug, Member of the European Parliament and rapporteur in the Transport Committee. Hy24 will invest EUR70m alongside H2 MOBILITY’s existing shareholders who are investing together a further EUR40m. The investment will be executed by Hy24 through the Clean H2 Infra Fund, which is to date the world’s largest hydrogen fund. H2 MOBILITY, a leading operator of hydrogen refuelling stations which already operates over 90 stations across Germany, intends to use the funding to further expand its network to 300 stations by 2030 – becoming the backbone of zero-carbon private and commercial traffic in Europe. Of these, over 200 will be large-scale refuelling stations capable of meeting demand for zero-carbon, heavy-duty and long haul transportation on the European Continent. Heavy mobility is one of the most challenging sectors of the economy to decarbonise, and hydrogen-powered vehicles offer the best solution, as they can refuel quickly and cover long distances without sacrificing payload. The expansion of H2 MOBILITY Deutschland’s network will be focused on several high-traffic transportation corridors, giving it a cornerstone role in the future mobility system of the European Union. In a sign of existing demand for hydrogen vehicles, many of the company’s new projects will be developed hand-in-hand with off-takers, public authorities, and fleet operators – guaranteeing baseline offtake for the stations and a significant step towards a profitable and self-sustained refuelling network. H2 MOBILITY Deutschland with its track record of building over 50 projects and operating over 90 stations has the institutional knowledge and understanding necessary for practical hydrogen infrastructure development, reinforced by its existing shareholder base of leading energy and mobility players. Hy24’s investment marks the first such move by any international investment fund into the hydrogen mobility space – and it will seek to use its leading industrial and financial expertise to support the business case for the sector, helping it to profitably achieve sustainability goals. Nikolas Iwan, Managing Director of H2 MOBILITY: “Green Hydrogen will become a game changer on the journey to replace fossil fuels in transport and to reduce our dependency on extracting resources from our planet’s surface. I am excited that we can combine the skills of H2 MOBILITY with the significant capital raised in this round to accelerate the transition to green hydrogen in mobility and transport! Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “H2 MOBILITY Deutschland is leading the way in developing the necessary European infrastructure for low-carbon intensive, and heavy mobility. Hydrogen is a crucial part of achieving the European Union’s Fit-for-55 plans, further reinforced by the recent REPowerEU proposal. Our investment alongside pioneers in this ecosystem also supports the European Commission’s efforts to implement the Alternative Fuels Infrastructure Regulation (AFIR) to greatly expand the European network of hydrogen refuelling stations. It fits perfectly with our ambition to be the catalyst for a hydrogen economy at scale – active across the system and value chain to effect real change for the planet.” Dr. Volker Wissing, Federal Minister of Digital Affairs and Transport (BMDV) concluded: “Thanks to the excellent combination of private-sector commitment and government funding, Germany now has a leading role that is much respected internationally and the largest network of hydrogen refuelling stations in the world. We don’t want to rest on our laurels, but work together to press ahead with the deployment of hydrogen refuelling stations. Our efforts are focussing primarily on commercial vehicles and theelectrification of heavy-duty transport, where we still see great potential for climate change mitigation.”
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Enagás Renovable
Hy24 and Enagás partner to accelerate development of green hydrogen economy Hy24 to take 30% stake in Enagás Renovable Capital increase accelerates development of Enagás Renovable’s renewable-to-gas platform Projects being developed in Spain and other international markets Madrid, Spain, 22 February 2022 – Hy24, the world’s largest clean hydrogen investment platform, has signed an agreement with Enagás, the Spanish energy infrastructure company, to become a shareholder in Enagás Renovable to accelerate the development of its leading renewable-to-gas platform. The investment by Hy24, a joint venture between Ardian and FiveT Hydrogen, will be executed through its Clean H2 Infra Fund via a capital increase in Enagás Renovable, giving it a 30% stake, while Enagás retains 70%. Spain combines competitive renewable resources with attractive market opportunities for hydrogen, including diverse industrial applications. Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects throughout Spain in the fields of renewable gases and decarbonization, making it one of the largest European platforms for renewable-to-gas projects. The most advanced projects represent more than 750 MW of electrolysis capacity with a target Commercial Operation Date (COD) between 2023 and 2026, which represent around 20% of the Spanish hydrogen objectives in terms of installed capacity by 2030. The platform is expected to act as an aggregator for major Spanish green hydrogen projects. Antonio Llardén, President of Enagás, said: “This agreement with Hy24 is a milestone on the path that Enagás started in 2017 to drive and develop initiatives based on renewable gases. With this operation, Enagás adds hydrogen and biomethane experience and know how, as well as energy infrastructure management to Ardian’s experience in asset management and FiveT Hydrogen’s knowledge of the hydrogen value chain. This agreement will allow us to start up joint hydrogen projects to contribute to a just energy transition and to decarbonize future energy”. Pierre-Etienne Franc, CEO of Hy24 said: “We are very proud of this strategic partnership with Enagás. We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors. The quality of the Enagás Renovable’s team, the pipeline of projects and the unmatched position of Enagás in the energy ecosystem in Spain and other Spanish speaking territories are strong levers for sustainable value creation at the heart of the global energy transition”. Juan Angoitia, European Co-Head of Ardian Infrastructure said: “This alliance between Hy24 and Enagás is a strong move ahead for our approach to energy transition at Ardian. Hy24 is the front runner of hydrogen infrastructure funds, and we are proud to support Hy24’s moves with Enagás, a world class player, with deep roots in Spain, a key country for infrastructure development and investment for Ardian”. All Enagás Renovable’s projects are in line with the Hydrogen and Biogas Road Maps for Spain. The company already has several test facilities including Green Hysland Mallorca, the first Hydrogen Valley in Spain with electrolyzers that will be in operation in 2022. Hy24 was created by Ardian and FiveT Hydrogen to manage the Clean H2 Infra Fund, the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions. The Fund was founded with a strong support from key industrial players in the hydrogen energy field. With strong industrial expertise at its core, Hy24 has the unique capacity to accelerate the scaling up of hydrogen solutions along the whole value chain: production, conversion, storage and supply and usage. Hy24 supports large early stage and strategic projects to become essential energy infrastructure. The Clean H2 Infra Fund has already raised €1Bn of allocations and expects to leverage 10 to 15 times more investment in the hydrogen industry via partnerships like the one with Enagás Renovable. This deal follows the first investment made earlier this month in participating to the 200 million € fund raise of the German company Hy2gen AG. This partnership will allow Enagás Renovable to increase its presence in the non-electric-renewable energy market, contributing to fulfilling the decarbonization targets set by Enagás, the Spanish Government and the European Union.
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Hy2gen
Hy24, Mirova, CDPQ and Technip Energies join forces to make record EUR200 million investment in green hydrogen pioneer Hy2gen AG The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. World’s largest private investment in green hydrogen Capital will be deployed on e-fuels to decarbonise industry and transportation sectors Wiesbaden, Germany, 17. February 2022 – Hy2gen AG, the green hydrogen investment platform, today announces the successful completion of a EUR200 million, investment round. The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. The investment, which is the largest private green hydrogen-focused capital raise to date[1], is led by Hy24 with Mirova, CDPQ and strategic investor, Technip Energies. Cyril Dufau-Sansot, CEO of Hy2gen said: “As early as 2021, we were looking for the best possible combination of financial and strategic investors to build e-fuel production facilities. These have the potential to decarbonise entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment.” Pierre-Etienne Franc, co-founder and CEO of Hy24 said: “The magic combination for success in Hydrogen scale up is sizable projects in strategic basins, strong stakeholder support from off-take to project financing and execution, and the leadership of expert teams for development and steering. This is what Hy2gen has successfully gathered around the table. This first investment made by our Clean H2 Fund allows Hy24 to step into its role as a catalyst for hydrogen-based projects at scale to foster the energy transition.” Hy2gen, founded in 2017, is a pioneer in the electrolysis of green hydrogen and its derivatives. The company is one of the leading players in the green hydrogen industry, with 880MW in planning and construction and a further 12GW of projects in development. Hy24, the world’s largest clean hydrogen infrastructure platform, is a joint venture between Ardian, a world-leading private investment house, and FiveT Hydrogen, an investment manager specialising purely in clean hydrogen investments. The Clean H2 Infra Fund managed by Hy24 with EUR1 billion raised, intends to unlock strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets. Raphaël Lance, Head of Mirova’s Energy Transition Infrastructure Funds, said: “Mirova is committed to financing sustainable solutions for the energy transition. We are convinced that green hydrogen has a key role to play in the decarbonisation of the industry and are proud to partner with Hy2gen and support their ambition to become a key player in the deployment of this energy of the future.” Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said: “CDPQ is delighted to take part in our first green hydrogen transaction alongside trailblazers of this promising vector of energy, one which has the potential to accelerate the decarbonisation of highly polluting industries. With this investment in Hy2gen, we demonstrate our determination to bring concrete and pragmatic solutions to address today’s environmental challenges.” Arnaud Pieton, Chief Executive Officer of Technip Energies, stated: “We are partnering and investing in Hy2gen, a first mover developer in the green hydrogen value chain. This will further strengthen our key market positioning in green hydrogen and its derivatives. This investment confirms the consistency of our partnership choices to deliver on our strategy. We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects.”
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Hy24 and Clean H2 Infra Fund creation
Ardian and FiveT Hydrogen launches Hy24, the world’s largest clean hydrogen infrastructure investment platform Paris and Zurich, October 1st, 2021 – Ardian, a world leading private investment house, via its infrastructure business, and FiveT Hydrogen, a clean-hydrogen enabling investment platform, today announced a partnership to create Hy241, an equally owned joint venture. Hy24 will become the world’s largest investment platform focused on clean hydrogen infrastructure, designed to invest in projects that are critical to global decarbonization. Hy24 is targeting EUR1.5bn for its first fund, making the platform the industry’s largest clean hydrogen infrastructure manager. Of this, €800m has already been committed by a leading group of industrial and financial investors active in clean hydrogen. The fund is the result of distinct initiatives from two groups of investors: Air Liquide, TotalEnergies and VINCI, all fully committed to low carbon and renewable hydrogen development, each of which has pledged to invest €100m each as anchor investors. Plug Power, Chart Industries and Baker Hughes together (as former cornerstone investors in FiveT Hydrogen), who are also joining as anchor investors. LOTTE Chemical, a large Asian industrial Group, also confirmed its intention to join as an anchor investor, and so will AXA, a major institutional investor. Other large international industrial players, all strongly committed to carbon neutrality, also intend to join the initiative. These include: Groupe ADP, Ballard, EDF and Schaeffler. More are expected soon. The international tender process to select Hy24 and to engage industrial investors was arranged by Société Générale. Hy24 plans to bring together additional international institutional investors and industrial companies to provide scale and investing capability for hydrogen projects around the world. Hy24 combines Ardian’s world-class infrastructure investment expertise and asset management capabilities with FiveT Hydrogen’s extensive access to and experience with the hydrogen value chain. The combination will create the largest and most credible partner to energy giants and investors that are seeking a role in accelerating the build-out of hydrogen infrastructure. It meets the enormous demand from governments, corporations, and investors to invest in hydrogen to meet the world’s climate goals. Hy24’s first fund will be set up and managed as an impact fund with the aim to reduce global carbon emissions, in accordance with Article 9 of the SFDR regulation. It will scale proven technologies towards mature infrastructure assets generating predictable cash flows, providing investors with unrivalled access to a new asset class that has the potential to follow the same pace of growth as renewables. The portfolio will be diversified across geographies (Europe, Americas and Asia) and value chains, from upstream projects like green hydrogen production, to downstream projects like captive fleet and refueling stations. The value- creation opportunity is significant: job creation and decarbonization, especially in hard-to-abate sectors. Mathias Burghardt, Head of Ardian Infrastructure and Member of Ardian’s Executive Committee, said: “We are proud to have been chosen by some of the world’s leading industrial players and investors to lead this initiative. At a time when the European Union has announced a step-up in its climate ambitions, and just ahead of COP26, it is a great responsibility to lead such a platform. We were early backers of the renewables market, our platform reaching 7.5GW of heat and renewable capacity today, and it is clear to us that hydrogen is facing a similar trajectory. This collaborative partnership is exactly in line with how Ardian Infrastructure operates. We are confident that Hy24 will be able to play a leading role in accelerating the hydrogen scale-up needed to decarbonize our economies.” Pierre-Etienne Franc, Co-founder and CEO of FiveT Hydrogen, said: “This is a great step forward for FiveT Hydrogen. Via this unique partnership, we expect to mobilize €15bn worth of investments as a catalyst for scaling up the industry at pace. The world urgently needs to accelerate the energy transition and reduce the carbon output of energy intensive, hard-to-abate sectors like transport and industrial production. Together with Ardian, and with the ambitious backing of our industrial LPs, we are well-placed to do this, combining a unique skill set and track record.” The Hy24 executive committee comprises Laurent Fayollas (President), Pierre-Etienne Franc (CEO), Amir Sharifi (Chief Investment Officer), Nicolas Brahy (General counsel, public affairs and ESG Director) and Sébastien Paillat (Managing Director, Investments). A recruitment process is ongoing to establish a dedicated global team operating across four countries: France, Switzerland, the U.S. and Singapore. 1 The platform will be operational later in 2021, subject to AIFM accreditation by the French Market Authority (AMF) and to the finalization of the legal documentation with all partners. The Alternative Investment Fund Manager Directive (AIFM) provides a regulatory framework for alternative investment fund managers in Europe.
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