ImpactAlpha, April 6 — Green hydrogen, produced with renewable energy through a chemical process called electrolysis, could provide a source of clean fuel to help decarbonize sectors such as heavy manufacturing and aviation.
U.S.-based energy tech companies Plug Power, Chart Industries and Baker Hughes are coming together to invest in the new fund from Swiss asset manager FiveT Group, which will invest exclusively in green hydrogen production, storage and distribution projects.
“This moment in the hydrogen journey requires a very innovative approach to infrastructure investment,” said FiveT Hydrogen’s Pierre Etienne Franc. The fund will seek additional “financial and industrial LPs wishing to be the hydrogen infrastructure key players.”
Plug Power, a leader in green hydrogen, is committing €160 million ($200 million); Energy equipment manufacturer Chart Industries and energy tech company Baker Hughes are each committing €50 million ($60 million). FiveT is looking to raise €1 billion by Q3 2021.
Israeli cleantech venture H2Pro last month raised $22 million from Breakthrough Energy Ventures and IN Venture to scale green hydrogen production. Green Hydrogen Systems is also cashing in on the green hydrogen trend (see, “Green Hydrogen Systems raises €28 million”).