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1 March 2022

Hy2gen raises record €200m green hydrogen investment

The funding will be used to construct facilities that produce green hydrogen-based fuels for maritime, ground, air and industrial applications.

By Energy Monitor Staff

Green hydrogen investment platform Hy2gen completed a €200m ($227m) investment round in mid-February – the largest private green hydrogen-focused capital raise to date. Green, or renewable, hydrogen made from solar or wind-powered electrolysis, is attracting increasing interest from investors and governments as rising gas prices – exacerbated by the current Ukraine-Russia conflict – make gas-based alternatives more expensive.

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The capital will be used to construct facilities in several countries, including in Europe, that produce green hydrogen-based fuels – or “efuels” – for maritime and ground transport, aviation and industrial applications. Founded in 2017, Hy2gen specialises in electrolysis to make green hydrogen and its derivatives, and has 880MW of projects in planning and construction, and a further 12GW in development.

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Hy2gen is planning a green ammonia facility in Sauda, Norway. (Photo by Hy2gen )

The investment was led by Hy24 with Mirova , CDPQ and strategic investor Technip Energies . Hy24 , the world’s largest clean hydrogen infrastructure platform, is a joint venture between private investment house Ardian and hydrogen-focused investment manager FiveT Hydrogen . With €1bn raised, Hy24 is aimed at unlocking strategic and large-scale projects to accelerate the scaling up of hydrogen markets.

Nomura Greentech acted as exclusive financial adviser to Hy2gen on the deal. Société Générale acted as exclusive financial adviser to Hy24 and Mirova . Legal advisors included Baker Tilly acting for Hy2gen , Bird & Bird acting for Hy24 and Mirova , Jones Day acting for CDPQ, and Clifford Chance acting for Technip Energies .

Demand for green hydrogen and its derivatives is expected to grow tenfold between now and 2050, rising to a substantial share of total energy demand of some 500 million tonnes per year.

Free Whitepaper
img

What's the outlook for low carbon hydrogen?

The development of the hydrogen economy will support the fulfilment of decarbonization objectives, particularly for those sectors that are difficult to electrify, such as heavy industry, long-distance trucking, shipping, and aviation. GlobalData's Hydrogen Service tracks investment in the hydrogen sector, and provides you with:
  • A complete dataset of the low-carbon hydrogen projects across the globe.
  • Latest news across the hydrogen value chain.
  • Quarterly market analysis, with details of new projects, company activity and financial deals.
For more information, and to download sample pages from our quarterly market analysis, including a summary of the active and upcoming low-carbon hydrogen capacity by region, please enter your details.
by GlobalData
Enter your details here to receive your free Whitepaper.

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