Record green hydrogen investment made for Hy2gen

Technip Energies, Hy24, Mirova, and CDPQ have jointly made a record €200 million ($227.3m) investment in Germany-based green hydrogen production company Hy2gen.

Founded in 2017, Hy2gen develops, finances, and operates green hydrogen production plants worldwide. The company is a pioneer in the electrolysis of green hydrogen and its derivatives. Specifically, it has 880MW in planning and construction and a further 12GW of projects in development.

Firstly, the plants will take place in France, Norway, Canada, Germany, and the U.S. For the first rounds of financing, Trafigura and other private investors have already invested in Hy2gen.

Now, the green hydrogen investment platform announces the successful completion of a €200 million ($227.3 million) investment round. This will go into constructing facilities in several geographies, producing green hydrogen-based fuels (e-fuels) for maritime and other transport.

Furthermore, this investment is the largest private green hydrogen capital raise to date. The world’s largest clean hydrogen infrastructure fund Hy24 led the investment, with Mirova, CDPQ and Technip Energies also joining.

Nomura Greentech acted as an exclusive financial adviser to Hy2gen. In addition, Société Générale acted as exclusive financial adviser to Hy24 and Mirova. Finally, legal advisors included Baker Tilly acting for Hy2gen, Bird & Bird.

CEO of Hy2gen Cyril Dufau-Sansot said they were specifically looking for the best possible combination of financial and strategic investors.

“These have the potential to decarbonise entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment.”

Pierre-Etienne Franc, CEO of Hy24, also added: “The magic combination for success in hydrogen scale-up is sizable 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. This first investment made by our Clean H2 Fund allows Hy24 to step into its role as a catalyst for hydrogen-based projects at scale to foster the energy transition.”

Raphaël Lance from Mirova said the company wants to finance sustainable solutions for the energy transition. “We are convinced that green hydrogen has a key role to play in the decarbonisation of the industry and are proud to partner with Hy2gen and support their ambition to become a key player in the deployment of this energy of the future.”

Emmanuel Jaclot from CDPQ, added: “With this investment in Hy2gen, we demonstrate our determination to bring concrete and pragmatic solutions to address today’s environmental challenges.”

Arnaud Pieton, CEO of Technip Energies, stated: “We are partnering and investing in Hy2gen, a first mover developer in the green hydrogen value chain. This will further strengthen our key market positioning in green hydrogen and its derivatives. This investment confirms the consistency of our partnership choices to deliver on our strategy. We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects.”