Hy24 commits to invest €13 million in Hexagon Purus

Hy24, a clean hydrogen pure-play investment manager, will invest around €13 million into Norwegian hydrogen systems supplier Hexagon Purus.

The investment is the first by Hy24’s new Clean Hydrogen Equipment Fund, focused on industrializing the supply chain to scale the clean hydrogen economy. The fund builds on the momentum of Hy24’s Clean Infrastructure Fund, which closed at €2 billion.

Hy24’s investment is part of a private placement of convertible bonds by Hexagon Purus, where Hy24 joins existing investors Mitsui and Hexagon Composites who have committed to support Hexagon Purus by a total of about €5 million.

Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund at Hy24, said: “This investment, the first by our Equipment Fund, reinforces Hy24’s position as a strategic investor and a catalyst in fostering the clean hydrogen economy. It bolsters the growth initiatives of Hexagon Purus, a global leader in the midstream of the hydrogen sector, exemplifying our Fund’s commitment to the mature and pivotal hydrogen technologies that are essential to decarbonizing industry and mobility sectors.”

Morten Holum, CEO of Hexagon Purus, commented: “We operate in an increasingly supportive regulatory environment with large investments being made into renewable energy generation and hydrogen to support the clean energy transition. I want to thank Mitsui and Hexagon Composites for their continued investment and welcome Hy24 as a new strategic investor bringing valuable industry expertise from the clean hydrogen industry.

“This capital raise ensures that we can continue to scale up our manufacturing capacity to deliver on existing customer contracts for hydrogen infrastructure and prepare for serial volume of zero emission mobility as demand increases.”