Chart Industries, Plug Power and Baker Hughes want to become cornerstone investors in Pierre-Etienne Franc’s FiveT Hydrogen Fund, a new unique clean-hydrogen-only private infrastructure fund dedicated to delivering clean hydrogen infrastructure projects at scale.
H2 View announced in February that Franc was to leave his vice-president of hydrogen energy world business line role at Air Liquide to pursue a new fund to finance infrastructure projects to foster the development of decarbonated hydrogen.
Chart, Plug Power and Baker Hughes announced on Monday (5th April) their intention to become cornerstone investors, investing a combined total of €260m ($306.7m) initially, with Plug Power committing €160m ($200m) whilst Chart Industries and Baker Hughes will both contribute €50m ($60m).
It is expected the investments will enable FiveT to establish itself at the heart of the hydrogen industry and help advance a broader global mission to address climate change and accelerate the energy transition.
FiveT said it has the ambition to raise a total of €1bn ($1.2bn) from both financial and industrial investors.
Pierre Etienne Franc, CEO of FiveT Hydrogen Fund and former Hydrogen Council co-secretary, said, “We all know that this moment in the hydrogen journey requires a very innovative approach to infrastructure investment.”
“FiveT ambition is indeed to put forward a distinctive fund value proposition for financial and industrial LPs wishing to be the hydrogen infrastructure key players.”
“We expect to welcome future commitments from EU and Asian strategic partners who are actively working on infrastructure projects and initiatives.”
Andy March, CEO of Plug Power, said, “Plug Power established the first commercial market for fuel cells and is now building the first green hydrogen generation network across the United States.”
“We believe this fund will help accelerate the construction of hydrogen infrastructure globally which will support rapid deployment of fuel cell applications.”
Jill Evanko, Chart Industries’ CEO, said, “We are participating as an early investor in the FiveT Hydrogen Fund as we believe this fund will be an important step in the acceleration of the buildout of the global hydrogen infrastructure.”
By combining deep financial strength and investment rigor with unparalleled knowledge of and access to the hydrogen market and its technology, the Fund is expected to be a catalyst for both the financing and building of hydrogen infrastructure projects.