LONDON - Fund manager Hy24 Partners has closed what it says is the world's first infrastructure fund exclusively investing in the whole clean hydrogen value chain to new investments at 2 billion euros ($1.94 billion).
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The fund, launched a year ago, is focused on scaling up hydrogen technologies. Hy24 is a joint venture between clean hydrogen investment firm FiveT Hydrogen and European private equity firm Ardian.
So-called green or clean hydrogen, made by using renewable energy to power electrolysers to convert water, is being backed by many governments for vehicles and energy plants, but it is currently too expensive for widespread use.
The fund's portfolio of projects will be across Europe, the Americas and Asia and focus on upstream projects such as renewable and low-carbon hydrogen production and downstream projects such as refuelling stations.
The joint venture aims to commit the 2 billion euro fund's capital in the next six years.
($1 = 1.0306 euros)
