French state-owned reinsurer CCR Re has announced that it is investing €100 million in the Clean H2 Infra Fund, which is managed by Hy24 with the objective of reducing global greenhouse gas emissions.
The Clean H2 Infra Fund is the largest hydrogen fund in the world, and invests in strategic projects in the low-carbon hydrogen sector with a target amount of €1.5 billion.
The investments aim to help develop large-scale projects across the whole low-carbon hydrogen value chain, including production, conversion, storage, supply and end-use.
“This investment is fully in line with the objectives of the France 2030 plan, which aims to make France the leader in low-carbon hydrogen,” said CCR Chairman and CEO Bertrand Labilloy.
“By investing in this fund, the CCR Group is contributing both to France’s energy transition and to the strengthening of an industrial sector of excellence.”
The Clean H2 Infra Fund will be managed by Hy24, which is the largest investment platform in the world for low-carbon hydrogen and a joint venture equally owned by ARDIAN and FiveTHydrogen.
The fund has been created with the support of hydrogen energy industry leaders such as Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Baker Hughes and Chart Industries along with institutional investors CCR and AXA.
Laurent Fayvollas, Chairman of Hy24, commented: “Accelerating the distribution of hydrogen and its related markets is one of the solutions to advancing the energy transition. Hy24 is contributing to the implementation of large-scale projects that are strategic for the hydrogen industry and for the massive decarbonisation of the industrial and transport sectors.”
“CCR’s investment in the Clean H2 Infra Fund is an illustration of our joint commitment to succeeding in this essential transition towards a low-carbon society through hydrogen.”