Hy24, a joint venture between clean hydrogen (H2)-enabling investment company FiveT Hydrogen and global private-investment house Ardian, announced the closing of its first impact fund — Clean H2 Infra Fund — at €2 billion (~$1.93 billion) of allocations.

Hy24 aims to mobilize up to €20 billion (~$19.3 billion) of investments until 2028.

Clean H2 Infra Fund, with 50% of its commitments coming from industrial investors, is focused on scaling proven hydrogen technologies for mature infrastructure assets. Launched last year, it was created to play a major role in decarbonizing the global economy while the capital raised through the fund is already being allocated.

The fund has participated in the €110 million (~$106.5 million) fundraising round of H2 MOBILITY Deutschland, the operator of Europe’s largest network of hydrogen stations.

It also participated in the €200 million (~$193.7 million) financing round of Hy2Gen, an operator of production sites for decarbonized hydrogen and its derivatives, with CDPQ as a co-investor.

Clean H2 Infra Fund acquired a 30% stake in Enagás Renovable, a leading developer of renewable hydrogen projects and a subsidiary of the Spanish Transmission System operator Enagás.

The fund closes with a new key industrial investor, CMA CGM Group, and financial investors Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Société Générale Assurances, BBVA, and Norinchukin.

Hy24 said it is estimated that clean hydrogen solutions could represent up to 20% of the final energy demand within the 2050 net-zero agenda. From the Inflation Reduction Act in the U.S. to the European Union’s RePowerEU, governments worldwide have realized the need to deploy clean hydrogen at a scale and pace to achieve their respective net-zero ambitions.

Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries, and Baker Hughes are the founding anchor investors who supported the fund’s creation. It has also attracted over 50 prominent investors from 13 countries in America, Europe, and Asia. The investors include major industrial companies, corporations, banks, pension funds, and insurance firms like CDPQ, Airbus, Snam, and Enagás.