Hy24 has today made its first investment via its new Clean Hydrogen Equipment Fund, for which it plans to ultimately raise at least €500m ($544m), the company tells Hydrogen Insight.

Stay ahead on hydrogen with our free newsletter
Keep up with the latest developments in the international hydrogen industry with the free Accelerate Hydrogen newsletter. Sign up now for an unbiased, clear-sighted view of the fast-growing hydrogen sector.

The Paris-based fund manager has taken a €13m convertible bond private placement in Oslo-headquartered Hexagon Purus, joining a consortium of investors including Japanese conglomerate Mitsui in a capital raise worth €88.5m.

“This investment, the first by our Equipment Fund, reinforces Hy24’s position as a strategic investor and a catalyst in fostering the clean hydrogen economy,” said Guillaume Lesueur, Hy24’s managing director for its Clean Hydrogen Equipment Fund, in a press release announcing the placement.

Lesueur, formerly the head of EDF Pulse Ventures, had been hired in June 2023 to manage the new equipment-focused investment initiative, which is separate to Hy24’s €2bn Clean Hydrogen Infrastructure Fund.

The firm predicts that by 2030, the market for hydrogen equipment will be worth $190bn.

Hexagon Purus itself plans to use the capital raised to ramp up capacity at five newly-opened facilities — two in Germany, one in Canada, one in China and one in the US — with an eye toward opening a second US site in Dallas this year.

The equipment company manufactures high-pressure storage cylinders, which can be integrated into fuel-cell electric vehicles or transported via trailers for mobile H2 supply.

In the summer, Danish hydrogen producer Everfuel halted its fleet of trailers supplied by Hexagon Purus due to a faulty valve that had been fitted by an unnamed third party.

Hydrogen Insight has reached out to Hexagon Purus to confirm whether this third-party supplier has fixed the issue that originally led to the valve fault, or if it has switched suppliers.

However, in November, Hexagon Purus reported an all-time high quarterly revenue of NKr380m ($36m), with a NKr1.1bn ($106m) backlog of firm orders — although it warned that the full-year earnings before interest, tax, depreciation and amortisation (Ebitda) would not only be negative, but a 10% greater loss than in 2022.