The Japan Bank for International Cooperation (JBIC) plans to invest up to €100 million ($108.7 million) in a hydrogen investment fund managed by the European Hydrogen Investment Platform. Hy24 Partners clean hydrogen infrastructure.

JBIC confirmed this week that it has signed an equity participation agreement for the Clean H2 Infra Fund, which is managed by Hy24 – a joint venture between hydrogen infrastructure financier FiveT Hydrogen and private investment firm Ardian.

The bank, which is backed by the Japanese government, said the Clean H2 Infra Fund would invest in clean hydrogen-related projects around the world, from upstream projects like green hydrogen production to downstream projects like the captive fleet and refueling stations.

Hy24 CEO Pierre-Etienne Franc welcomed JBIC as a sponsor of the hydrogen fund.

“Hy24’s investment strategy is to deploy capital in clean hydrogen projects, especially in more advanced regions of the world,” he said.

“Japan is fully committed to establishing a hydrogen society. Being able to work with JBIC will be a major asset for the team.

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Franc said Upstream at the end of last year that Hy24 was on track to reach the €1.5 billion target set when the fund was launched last year.

Other prominent participants in the fund include Air Liquide, TotalEnergies, Vinci Concessions, Plug Power, Baker Hughes, Chart Industries, AXA, CCR, Lotte Chemicals, Snam, Enagas, GRTgaz, ADP, Ballard, EDF and Schaeffler.

JBIC said on Monday it was participating in the fund as part of its “GREEN operations,” also known as global action to balance economic growth and environmental conservation.

Under this initiative, the bank finances projects aimed at preserving the environment ― such as projects that significantly reduce greenhouse gas emissions ― while taking into account the spread of advanced Japanese environmental technologies around the world. .

JBIC noted that its equity participation in the Clean H2 Infra Fund is expected to help reduce carbon emissions, with the fund targeting strategic and large-scale projects being developed to accelerate the development of hydrogen markets.

He added that the fund also complied with the Japanese government’s “hydrogen-related policies”.

Japan is one of many countries now turning to hydrogen to help reduce carbon emissions, with demand for clean forms of hydrogen expected to continue to rise.