Hy2gen nets EUR 200m for green hydrogen fuel production

German green hydrogen plant developer Hy2gen AG has raised EUR 200 million (USD 227.4m) from investors including Technip Energies (EPA:TE), with the aim of accelerating the development of hydrogen-based fuel (e-fuel) production facilities in Europe and elsewhere.

The investment round, which Hy2gen unveiled on Thursday, was led by German clean hydrogen infrastructure platform Hy24, an equally-held joint venture between French private equity firm Ardian and Swiss investment manager FiveT Hydrogen. Mirova, the sustainable investment arm of France's Natixis Asset Management and part of banking group BPCE, contributed to the round alongside Canadian pension fund manager CDPQ, for which this is the first deal in green hydrogen.

Launched in 2017, Hy2gen provides financial, planning, building and operational support for green hydrogen facilities. The company, also backed by energy trader Trafigura, has 880 MW in planning and construction, with another 12 GW of projects in development. It is currently building its first plants in France, Norway, Canada, Germany and the US.

The German company plans to deploy the fresh funds for e-fuel plants that will help decarbonise maritime, ground transport, aviation and industrial operations.

"The magic combination for success in hydrogen scale up is sizeable 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. This is what Hy2gen has successfully gathered around the table," investor Hy24's CEO, Pierre-Etienne Franc, said.

The transaction marks the inaugural investment by Hy24's Clean H2 Infra Fund. Ardian and FiveT launched the joint venture in October 2021, targeting EUR 1.5 billion for the fund. Hy24 counts among its anchor investors Air Liquide, TotalEnergies and Vinci Concessions, alongside Plug Power, Chart Industries and Baker Hughes.

(EUR 1 = USD 1.137)

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