Hy24, Mirova, CDPQ and Technip Energies invest €200 in green hydrogen pioneer Hy2gen AG
Hy2gen AG, a green hydrogen investment platform, announced the successful completion of a €200 million investment round.
The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. The investment, which is the largest private green hydrogen-focused capital raise to date1, is led by Hy24 with Mirova, CDPQ and strategic investor, Technip Energies.
“As early as 2021, we were looking for the best possible combination of financial and strategic investors to build e-fuel production facilities,” said Cyril Dufau-Sansot, CEO of Hy2gen. “These have the potential to decarbonize entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment.”
The 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, Hy24 CEO Pierre-Etienne Franc said.
“This is what Hy2gen has successfully gathered around the table,” he said.
Hy2gen, founded in 2017, is a pioneer in the electrolysis of green hydrogen and its derivatives. The company is one of the leading players in the green hydrogen industry, with 880MW 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, a world-leading private investment house, and FiveT Hydrogen, an investment manager specializing purely in clean hydrogen investments.
The Clean H2 Infra Fund managed by Hy24 with €1 billion raised, intends to unlock strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets.
“Mirova is committed to financing sustainable solutions for the energy transition,” said Raphaël Lance, Head of Mirova’s Energy Transition Infrastructure Funds. “We are convinced that green hydrogen has a key role to play in the decarbonization 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.”
This promising vector of energy has the potential to accelerate the decarbonization of highly polluting industries, said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
“With this investment in Hy2gen, we demonstrate our determination to bring concrete and pragmatic solutions to address today’s environmental challenges.”
“We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects,” said Arnaud Pieton, Chief Executive Officer of Technip Energies.
Nomura Greentech acted as exclusive financial adviser to Hy2gen. Société Générale acted as exclusive financial adviser to Hy24 and Mirova. Legal advisors included Baker Tilly acting for Hy2gen, Bird & Bird acting for Hy24 and Mirova, Jones Day acting for CDPQ, and Clifford Chance acting for Technip Energies.
1 Based on a screening of equity capital raises by unlisted companies with a core focus on green hydrogen production on PitchBook as of February 6th 2022