VINCI is among a group of international companies that have come together to back the world’s largest fund dedicated solely to clean hydrogen infrastructure solutions.
VINCI, alongside Air Liquide and TotalEnergies, aims to reach a total investment of €1.5bn (c.£1.3bn) for the fund, which has already secured initial commitments of €800m.
As anchor partners, committed to low carbon and renewable hydrogen development, each has pledged to invest €100m.
The goal of the clean hydrogen infrastructure fund is to accelerate the growth of the clean hydrogen ecosystem by investing in large strategic projects and leveraging the alliance of industrial and financial players.
The fund will be managed by Hy24, a new 50/50 joint venture between Ardian, a private investment house; and FiveT Hydrogen, a clean-hydrogen-enabling investment platform.
LOTTE Chemical has also confirmed its intention to participate as anchor investor, and is the first Asian company to join.
The fund is to be used to invest in the entire value chain of renewable and low-carbon hydrogen “in the most promising regions” of the Americas, Asia, and Europe.
Those backing it say the fund will have a “unique capacity” to unlock large-scale projects under development and accelerate the scaling up of hydrogen markets.
‘Key to mitigate climate change’
Xavier Huillard, chair and CEO of VINCI, said: “VINCI is taking concrete action to support the development of clean energy by mobilising all its divisions in concessions, construction and energy, with the aim of actively combating climate change and decarbonising mobility in particular.
“By launching this investment fund today, hand in hand with other major industrial leaders, we keep moving forward to make green hydrogen a strong lever in achieving our objectives”.
Benoît Potier, chair and CEO of Air Liquide, said: “Hydrogen has become a central element of the energy transition.
“The time to act is now, not only as companies on a stand-alone basis, but by joining forces with states, other industrial groups, and the financial community.
“With the creation of this fund, we are demonstrating our leadership to participate in a collective dynamic to build momentum.
“As Air Liquide, we have already committed to invest approximately €8bn in the low-carbon hydrogen supply chain by 2035.
“Our objective is to contribute to the development of the entire value chain from low-carbon hydrogen production to end-uses, investing in the necessary infrastructure with storage and distribution projects.
“Accelerating on hydrogen development is key to mitigate climate change.”
Patrick Pouyanné, chair and CEO of TotalEnergies, said: “We believe that clean, renewable hydrogen will play a key role in the energy transition, and TotalEnergies wants to be a pioneer in its mass production.
“We are currently working on several projects, notably to decarbonise the grey hydrogen used in our European refineries by 2030.
“We are convinced that a collective effort is needed to kick-start the hydrogen sector and take it to scale.
“We are thus proud to launch and invest in the clean hydrogen infrastructure fund, which will also give us privileged insights in the sector.”
The platform is set to be operational by the end of 2021.
Image: Corona Borealis Studio/Shutterstock
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