In brief: Hy24’s growth fund inks first deal

The growth equity fund of Hy24, the hydrogen-focused joint venture established by Ardian and FiveT Hydrogen, has inked its first deal. The fund has committed €13 million to Hexagon Purus, a Norwegian manufacturer of equipment for hydrogen-power vehicles and hydrogen infrastructure.

The Clean Hydrogen Equipment Fund launched in 2023 with a target of “around €500 million”, a source told New Private Markets (see our scoop on the fund launch here). Guillaume Lesueur, head of the fund, described its strategy as backing “mature and pivotal hydrogen technologies that are essential to decarbonising industry and mobility sectors” in Hy24’s deal announcement.

Hy24 closed its first vehicle, Clean H2 Infra Fund, in 2022 at €2 billion, having launched in 2021 with a €1.5 billion target. It has more than 50 LPs, comprising institutional heavyweights and strategic corporates including AXA, Allianz and CDPQ. The Clean H2 Infra Fund is classified under Article 9 of the SFDR.