The world’s largest fund dedicated to investment in clean hydrogen infrastructure has closed to new investors after raising €2bn ($1.93bn) from more than 50 industrial and financial companies over the last 12 months.

The final total raised by the Clean H2 Infra Fund is about €500mn more than previously forecast by the fund’s manager, Hy24—a joint venture between French asset manager Ardian and investment firm FiveT Hydrogen.

“Hy24, through the Clean H2 Infra Fund, has rapidly gathered an impressive group of industrial and financial leaders committed to moving the hydrogen agenda forward significantly,” says Pierre-Etienne Franc, co-founder and CEO of Hy24.

“With €2bn of commitments, this fund will spur on the deployment of up to €20bn in assets of strategic value to the industry in the next six years, performing for our investors and helping to decarbonise the global economy. This creates the right support for the new and critical hydrogen policy frameworks in our key geographies.”

“With €2bn of commitments, this fund will spur on the deployment of up to €20bn in assets of strategic value to the industry in the next six years” Franc, Hy24

The fund has seen a flurry of commitments by new investors—including French container transport and shipping company CMA CGM Group, UK-based pension fund manager Border to Coast, US investment company Nuveen and Japanese bank Norinchukin.

The Clean H2 Infra Fund was launched in October last year by a group of anchor investors including France’s TotalEnergies, industrial gases group Air Liquide, clean energy and industrial gases company Chart Industries and energy services company Baker Hughes.

“The diversity of our investors and our ability to leverage Hy24's strong deal flow will put us in a unique position to grow this industry at scale into a decisive asset class,” says Laurent Fayollas, president of Hy24.

Hy24 aims to deploy all the capital raise over the next six years, with a heavy focus on the mobility sector. Investments made so far include a 30pc stake in the renewables arm of Spanish gas network operator Enagas and funding for H2 Mobility Deutschland, the operator of Europe's largest network of hydrogen stations.

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Author: Stuart Penson