climate solutions

In brief: Ardian’s Hy24 appoints Shell veteran as chief industrial officer

Nicole Vermeulen will support due diligence and asset management for Hy24’s €2bn infrastructure fund, having spent 10 years in project and supply chain management roles at Shell.

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Hy24, the hydrogen specialist fund manager formed in a joint venture by Ardian and FiveT Hydrogen, has appointed a chief industrial officer. Nicole Vermeulen will support the deployment of Hy24’s €2 billion first fund, Clean H2 Infra. This will include conducting due diligence for potential investments, developing assets, and identifying and cultivating hydrogen clients.

Vermeulen joins Hy24 after more than 10 years at Shell in various roles in project and supply chain management roles for energy infrastructure assets.

The Clean H2 Infra Fund closed in 2022, having launched the previous year with a €1.5 billion target. It has more than 50 LPs, affiliate publication Infrastructure Investor reported last year. Half the investors are corporates, such as Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries and Baker Hughes. Other commitments have come from AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ and JBIC. The fund is categorised under Article 9 of the Sustainable Finance Disclosure Regulation.