The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels (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, is led by Hy24 with Mirova, CDPQ and strategic investor, Technip Energies.
Hy2gen chief executive Cyril Dufau-Sansot (pictured) 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.”
Hy24 CEO Pierre-Etienne Franc added: “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, has 880MW of green hydrogen project capacity 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, and FiveT Hydrogen, an investment manager specialising purely in clean hydrogen investments.
The Clean H2 Infra Fund managed by Hy24, with €1bn raised, intends to unlock strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets.