Ardian, FiveT JV closes EUR-2bn clean hydrogen infrastructure fund

Hy24, a 50/50 joint venture between Ardian and FiveT Hydrogen, has today closed at EUR 2 billion (USD 1.96bn) what it says is the world’s first and largest infrastructure fund dedicated to the entire clean hydrogen value chain.

By closing at that level of allocations, Hy24’s first impact fund has exceeded its initial ambitions, the announcement says.

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Launched a year ago, the Clean H2 Infra Fund was created with support from founding anchor investors Air Liquide, Vinci Concessions, TotalEnergies, Plug Power, Chart Industries and Baker Hughes. It has then lured industrial anchor investors such as Lotte Chemical, Airbus, and Snam, Enagas, GRTgaz, as well as financial anchor investors AXA, Credit Agricole Assurances, CCR, Allianz, CDPQ and JBIC. Other key investors include Ballard, Schaeffler, Groupe ADP, EDF, Caisse des depots, DBJ and Itochu.

Now, the fund has added CMA CGM Group as a new key industrial investor, while Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Societe Generale Assurances, BBVA and Norinchukin have joined as key financial investors.

The Clean H2 Infra Fund will invest in the entire value chain, from green and low-carbon hydrogen production projects to downstream activities such as captive fleet and refueling stations. Its portfolio will be diversified across Europe, the Americas and Asia.

Already, the fund has taken part in the EUR-110-million fundraising of German hydrogen stations network operator H2 MOBILITY Deutschland and in the EUR-200-million financing round of hydrogen producer Hy2Gen. In addition, it acquired a 30% stake in Enagas Renovable earlier this year.

“With EUR 2 billion of commitments, this fund will spur on the deployment of up to EUR 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,” commented Pierre-Etienne Franc, co-founder and CEO of Hy24.

(EUR 1 = USD 0.980)