CDPQ Invests in Hy2gen AG
Posted on 02/17/2022
Based in Wiesbaden, Germany, Hy2gen AG develops, finances, builds and operates plants for the production of green hydrogen and hydrogen-based e-fuels worldwide. These products are used to create climate neutral and competitive fuels and industrial solutions. The first plants are being built in France, Norway, Canada, Germany, and the USA. Hy2gen’s goal is to become the market leader in the production of green hydrogen and green e-fuels for mobility, agriculture, and industry. Founded in 2017, the company’s first-mover advantage is underlined by a current project pipeline in planning and construction of 880MW and a project pipeline of over 12GW in development. For the first rounds of financing, Trafigura and other private investors have already invested in Hy2gen.
The world’s largest clean hydrogen infrastructure fund results from the initiative of Air Liquide, TotalEnergies and VINCI Concessions, combined with the one of Plug Power, Chart Industries and Baker Hughes, which were sharing a common objective to accelerate the development of the hydrogen sector with the launch of the “Clean H2 Infra Fund”. The Clean H2 Infra Fund is being managed by Hy24, a 50/50 joint venture between Ardian, a world leading private investment house, and FiveT Hydrogen, a clean hydrogen investment platform which enabled the gathering of the two initiatives. It ambitions a size of €1.5 billion. The fund has also attracted additional anchor industrial partners such as LOTTE Chemical, and Snam, Enagas, GRTgaz (together as one anchor partner) and anchor financial investors such as AXA and CCR, as well as other investors: Groupe ADP, Ballard, EDF, Schaeffler. The fund is now up and running with €1 billion allocations.
Mirova is a management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers.
Money Raise
Hy2gen AG raised €200 million in an investment round. The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. The investment, which is the largest private green hydrogen-focused capital raise to date1, is led by Hy24 together with Mirova, Caisse de dépôt et placement du Québec (CDPQ), and strategic investor Technip Energies.
Advisors
Nomura Greentech acted as exclusive financial adviser to Hy2gen. 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.
Keywords: Total SA. Natixis SA. Caisse de depot et placement du Quebec.
