ImpactAlpha, March 30 — Hy24, a joint venture between private equity investor Ardian and green hydrogen investor FiveT Hydrogen, led the round with a $77.6 million investment. FiveT nearly a year ago raised €288.4 million to finance green hydrogen infrastructure projects.
Other investors in the round include Hyundai, Shell, and Daimler Truck, which at the beginning of this year entered a $650 million joint venture with BlackRock and U.S. electric utility NextEra Energy to build charging infrastructure for electric trucks in the U.S.
Berlin-based H2 Mobility operates a network of 92 hydrogen fueling stations in Germany. The company, which is seeing rising hydrogen demand, particularly from commercial heavy-duty vehicles, will use the investment to expand its network to 300 hydrogen fueling stations in Europe by 2030. Of these stations, 200 will be purpose-built for heavy-duty and long-haul vehicles.
Heavy-duty transportation, which is responsible for about a quarter of carbon emissions from road transport in Europe, is one of the hardest sectors to decarbonize. H2 Mobility says hydrogen-powered vehicles offer the best solution since they can refuel quickly and cover long distances while carrying heavy loads.
“Green hydrogen will become a game changer on the journey to replace fossil fuels in transport and to reduce our dependence on extracting resources from our planet’s surface,” says H2 Mobility’s Nikolas Iwan.