Hy24 closes €2B hydrogen infrastructure fund

Fund management Hy24 Partners has closed what it claims is the first infrastructure fund in the world that invests only in the whole clean hydrogen value chain, with fresh contributions totaling 2 billion euros ($1.94 billion).

The fund was started a year ago, and expanding hydrogen technologies is one of its key goals. Ardian, a private equity business based in Europe, and FiveT Hydrogen, an investor in renewable hydrogen, have teamed up to form Hy24.

Although many governments promote “green” or “clean” hydrogen, which is created by using renewable energy to power electrolysers that transform water, the cost of this fuel is currently prohibitive for widespread use in cars and energy infrastructure.

With an emphasis on upstream activities like the production of clean, low-carbon hydrogen and downstream initiatives like refueling stations, the fund’s portfolio of projects will cover Europe, the Americas, and Asia.

The joint venture plans to invest the 2 billion euro fund’s funds within the following six years.