Hy24’s Clean Hydrogen Equipment Fund wins Dutch bank’s support

Dutch bank ABN AMRO is investing in the Clean Hydrogen Equipment Fund, managed by Hy24, a clean hydrogen investment fund committed to scaling up the global hydrogen economy.

This is said to be the second climate-related fund investment taken on by ABN AMRO Corporate Investments and fits with the bank’s climate strategy announced at the end of 2022.

ABN AMRO is investing a total of €1 billion in early-stage capital across a range of direct investments, fund investments and hybrid capital to finance the transition to a zero-carbon economy.

Through investments like these, the bank pointed out that it is making capital available to young, fast-growing companies that contribute to the transition to a sustainable economy but do not yet qualify for credit lines and other banking products.

These types of companies developing advanced technology solutions constitute important future clients for ABN AMRO, the bank noted.

Floris Lyppens, Managing Director at ABN AMRO Corporate Investments, commented: “We’re delighted to be part of the first closing of this unique fund. Hy24 operates at the very heart of the hydrogen ecosystem and has a large network in Europe, making it an attractive investment platform for ABN AMRO in the field of clean energy.”

Guillaume Lesueur, Managing Director and Head of the Clean Hydrogen Equipment Fund of Hy24, stated: “Scaling up the supply capacity of hydrogen technologies is a challenge Hy24 aims to address, alongside infrastructure deployment. We are delighted that ABN AMRO is joining our Equipment Fund. Together, we are shaping the future of the clean hydrogen value chain, towards sustainable investment and energy transition.”

Lesueur further said this is an important addition to Hy24’s LP base due to the strong network and large customer base in the Netherlands (NL) and north-west of Europe, adding that the NL is due to play a critical role in the development of a hydrogen ecosystem in Europe:

To note, the NL targets to have 20 mT of hydrogen go through its harbors by 2050 (circa 20% of expected European demand by then) and it has memorandums of understanding (MoUs) in place to create supply corridors with multiple nations.

The country also has a development plan to reach 3-4 GW electrolysis capacity by 2030, and the largest green hydrogen plant to date in Europe is under construction in the Port of Rotterdam (200 MW electrolyzer). Moreover, the country is building what is said to be the world’s first national hydrogen pipeline network


In regard to Hy24’s other recent activities, in November 2023, Danish green hydrogen company Everfuel announced it is progressing with work to start up its flagship project HySynergy 1 in the first quarter of 2024 and implement a realigned strategy focused on scaling green hydrogen production.

HySynergy 1 is a 20 MW green hydrogen production plant in Fredericia, Denmark, acquired in late September 2023 by Everfuel’s joint venture (JV) with Hy24 as the first investment under the €200 million framework.