Japanese trading giant Itochu Corporation and lease financing company Tokyo Century Corporation have jointly invested €20 million in Clean H2 Infra Fund. The hydrogen power investment vehicle is managed by Hy24 Partners, a joint venture between Ardian and hydrogen specialist investment manager FiveT Hydrogen.
Clean H2 was launched in October 2021 with a €1.5 billion target and reached a first close in December 2021 at €1 billion. Its first investment was alongside Mirova and CDPQ in green hydrogen producer Hy2gen.
Itochu, which has assets worth ¥11.8 trillion ($95 billion; €87 billion), and Tokyo Century, which has assets worth ¥5.7 trillion, have formed an equally shared special purpose corporation for the investment in Clean H2, Itochu announced.
The Japan Bank for International Cooperation, funded by the Japanese government, announced a €100 million commitment to the fund earlier this month. “Japan is one of the most promising and committed countries in the world for the deployment of hydrogen,” Hy24 chief executive Pierre-Etienne Franc said in Itochu’s statement. Other investors in the fund include Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Baker Hughes, Chart Industries, AXA, CCR, LOTTE Chemicals, Snam, Enagas, GRTgaz, ADP, Ballard, EDF and Schaeffler, according to a statement from JBIC.