Commitments emerge for hydrogen investment fund
A euro-dominated investment fund aims to draw deep financial commitments to support the development of infrastructure for clean hydrogen, partners announced April 5.
Plug Power, a hydrogen fuel cell company, and Chart Industries, a global services provider for equipment and services for LNG, hydrogen and carbon capture and storage, teamed up with US-based upstream services company Baker Hughes to announce plans to become major investors in the FiveT hydrogen fund, a vehicle that aims to help develop clean-hydrogen infrastructure.
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“To drive the energy transition forward requires innovative models for collaboration and investment, and new energy frontiers like hydrogen will progress faster when key players come together,” Lorenzo Simonelli, the CEO of Baker Hughes, said.
Plug Power intends to spend €160mn (US$200mn), while Chart Industries and Baker Hughes are each committed to €50mn. All told, the fund is targeting €1bn from financial and industrial investors.
“These investments enable FiveT to establish itself at the heart of the hydrogen industry and help advance a broader global mission to address climate change and accelerate the energy transition,” the investors said.
Pierre Etienne Franc, the former co-secretary of the Belgium-based Hydrogen Council, will lead the fund. First cash from investors is anticipated by early 2022.