The Hy24 Hydrogen Investment Fund is investing around €13 million in the development of Norwegian hydrogen systems supplier Hexagon Purus.
This is the first investment of the new Hy24 Clean Hydrogen Equipment Fund, aimed at industrializing the supply chain to scale the green hydrogen economy, Offshore Energy reports.
It is noted that this investment is part of a private placement of Hexagon Purus convertible bonds, i.e. securities that can be converted into shares. In these bonds, Hy24 joins the company's existing investors, namely Mitsui and Hexagon Composites, who have committed to support Hexagon Purus for a total of about €5 million.
"We are operating in an increasingly favorable regulatory environment with major investments in renewable energy and hydrogen production to support the clean energy transition," said Hexagon Purus CEO Morten Holum.
He emphasized that the capital increase will ensure that the company will be able to continue expanding its production capacity. This will help fulfill existing contracts for hydrogen infrastructure and prepare for series production of zero-emission vehicles as demand grows.
"This investment, the first from our Equipment Fund, strengthens Hy24's position as a strategic investor and catalyst in the development of the clean hydrogen economy," said Guillaume Lesueur, Managing Director and Chairman of the Hy24 Clean Hydrogen Equipment Fund.
Earlier, EcoPolitic wrote, that e-fuel company Elyse Energy has entered into a financial agreement with investors Hy24 and Mirova to produce 1 million tons of e-methanol and 200,000 tons of sustainable aviation fuel (SAF) per year.
As EcoPolitic previously reported, Amir Sharifi, chief investment officer of the Parisian hydrogen fund Hy24, said that the first likely buyers of green hydrogen, regardless of the price, will be producers of green steel and electronic fuel.
