The global potential for hydrogen production as a clean energy source has drawn support from the Japan Bank for International Cooperation.
JBIC, a development finance institution, committed €100 million to a clean hydrogen infrastructure fund managed by Hy24 Partners. The fund is targeting €1.5 billion to develop upstream projects to produce clean hydrogen, as well as downstream projects such as captive fleet and refuelling stations, according to a statement.
Hy24 Partners launched as a joint venture between French private markets firm Ardian and FiveT Hydrogen AG, an investment manager specialising in clean hydrogen investments. The fund, which is aligned with Article 9 of the EU’s SFDR taxonomy, has received commitments from financial and industrial investors including TotalEnergies, VINCI and EDF.
Clean hydrogen is viewed as a potential fuel source for high-intensity industrial facilities that can overload more conventional renewables sources, but cost has been a limiting factor. By 2050, clean hydrogen is expected to comprise 6 percent of the global energy mix, if net-zero emissions targets are achieved by then, according to the International Energy Agency.