CMA CGM joins Hy24 as world’s largest clean hydrogen infrastructure fund closes at €2 billion
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Hy24, a joint-venture between FiveT Hydrogen, a clean hydrogen-enabling investment partner, and Ardian, a private investment house, has announced the closing of its first impact Fund at €2 billion of allocations. In a statement, Hy24 said the results of its infrastructure fund had exceeded its initial ambitions.
The fund includes a number of high-profile founding anchor investors such as Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries and Baker Hughes.
In addition, it has attracted more than 50 prominent investors from 13 countries in the Americas, Europe and Asia. This includes 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.
Moreover, the fund has now closed with a new key industrial investor in the shape of the CMA CGM Group, as well as new key financial investors Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Société Générale Assurances, BBVA and Norinchukin.
Hy24 claims 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.”
Commenting on the closing of the fun, 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.”
In its press release, Hy24 said 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 €2 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. Examples include €110 million fundraising of H2 MOBILITY Deutschland, the operator of Europe’s largest network of hydrogen stations.
The Fund has also 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. On top of that, the Fund has acquired a 30% stake in Enagás Renovable, a developer of renewable hydrogen projects and a subsidiary of Enagás, the Spanish Transmission System operator.