New clean hydrogen fund secures EUR 260m from Plug Power, others

Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy

April 5 (Renewables Now) - A newly-created clean-hydrogen-only private infrastructure fund has obtained EUR 260 million (USD 306m) in combined commitments from investors such as Plug Power Inc (NASDAQ:PLUG) as part of attempts to raise a total of EUR 1 billion.

US fuel cell systems provider Plug Power announced today it has pledged to invest EUR 160 million in the new Euro-denominated fund, to be known as the FiveT Hydrogen Fund, thus becoming a cornerstone investor alongside Chart Industries Inc (NYSE:GTLS) and Baker Hughes (NYSE:BKR). Chart and Baker have separately committed EUR 50 million each.

These investments will establish market presence for the fund and enable initial stages of activity. FiveT will exclusively finance projects in the production, storage and distribution of clean hydrogen. It is led by Pierre Etienne Franc as CEO. Previously, he acted as the vice president of Hydrogen Energy for Air Liquide SA and co-secretary of the Hydrogen Council.

“We expect to welcome future commitments from EU and Asian strategic partners who are actively working on infrastructure projects and initiatives,” Franc commented.

The fund’s closing is expected in the third quarter of 2021, with first cash contributed by investors by early 2022.

(EUR 1.0 = USD 1.176)

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