Green hydrogen investment platform Hy2gen has successfully completed a £167 million funding round.
The capital will be used for the construction of facilities in several regions, including Europe, that will produce green hydrogen-based fuels for maritime and ground transport, aviation and industrial applications.
Hy24 with Mirova, CDPQ and strategic investor Technip Energies teamed up for the investment, which has been billed as the “largest private green hydrogen-focused capital raise to date”.
Cyril Dufau-Sansot, chief executive 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, 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.”
Founded in 2017, Hy2gen is a pioneer in the electrolysis of green hydrogen and its derivatives.
It is one of the leading players in the industry, with 880 megawatts (MW) in planning and construction and a further 12 gigawatts (GW) of projects in development.
Hy24, the world’s largest clean hydrogen infrastructure platform, is a joint venture between Ardian, a private investment house, and FiveT Hydrogen, an investment manager specialising purely in clean hydrogen investments.
The Clean H2 Infra Fund managed by Hy24 with £835m, intends to unlock strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets.
Raphael 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, CEO of Technip Energies, added: “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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