Ardian and FiveT launch €1.5bn hydrogen infrastructure fund

Fund has already raised €800m from anchor investors including Air Liquide and TotalEnergies

French private equity investment house Ardian and pure-play clean hydrogen investment platform FiveT have formed a joint venture, called Hy24, which aims to raise a €1.5bn ($1.7bn) fund to invest in clean hydrogen infrastructure. The fund—which Ardian and FiveT say will form the world’s largest investment platform in this space—has already secured €800m from a group of anchor investors which selected Hy24 via a tender process. TotalEnergies, industrial gases group Air Liquide and construction company Vinci have each committed €100m. Fuel cell company Plug Power, clean energy and industrial gases company Chart Industries and oil services company Baker Hughes, all former cornerstone investors

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