Hy24, the clean hydrogen investment platform co-founded by Ardian and FiveT Hydrogen, has acquired funding for a EUR-1.5 billion clean hydrogen infrastructure fund it is managing from Credit Agricole SA’s insurance arm.
Credit Agricole Assurances has made an undisclosed investment to become a “major stakeholder” in the fund, according to the French lender.
Hy24’s Clean Hydrogen Infrastructure Fund, which targets Europe, the Americas, and Asia, was announced in October 2021 with the goal of investing throughout the whole hydrogen value chain. It is estimated to be able to assist the development of around EUR 15 billion in hydrogen projects in conjunction with governmental policies and some debt finance.
TotalEnergies SE, Air Liquide, and Vinci SA are among the fund’s anchor partners, while Lotte Chemical Corp of South Korea and French insurer AXA SA are among the fund’s investors.
The investment by Credit Agricole Assurances is in line with the bank’s climate objectives, and it adds to the bank’s existing portfolio of renewable energy assets in Europe, which totals roughly 9 GW.
