Hy24 and Mirova: 200 million euros investment in hydrogen pioneer Hy2gen
Paris/Frankfurt — Bird & Bird LLP has advised French investors Hy24 and Mirova on the acquisition of stakes in German Hy2gen AG, a pioneering green hydrogen company. The record investment of EUR 200 million is the largest private capital increase in the green hydrogen sector to date and is provided by Hy24 and Mirova together with Caisse de dépôt et placement du Québec (CDPQ) and strategic investor Technip Energies.
Hy24, a joint venture between Ardian, a leading global private investment firm, and FiveT Hydrogen, an investment manager focused exclusively on clean hydrogen investments, is the world’s largest clean hydrogen infrastructure platform. Mirova is a subsidiary of Natixis Investment Managers that focuses on sustainable investments.
Hy2gen AG, based in Wiesbaden, Germany, develops, finances, builds and operates plants worldwide for the production of green hydrogen and hydrogen-based e‑fuels. These products are used to create carbon-neutral and competitive fuels and industrial solutions. The capital from this financing round will be used to build facilities in several countries that produce green hydrogen-based fuels, or “e‑fuels,” for marine, land transportation, aviation and industrial applications. In southern France, the company founded by Cyril Dufau-Sansot has been operating a production facility for Sustainable Aviation Fuels (SAF, Hynovera project) since October 2021. The fresh capital is to be used to open up many more locations — for example in Canada and Norway.
Advisors Hy24 and Mirova: Bird & Bird
Partner Sibylle Weiler, Lead (Finance & Energy, Head of the international Bird & Bird Hydrogen Group and counsel in France and Germany), Counsel Olivier Fazio (Due Diligence and leading multijurisdictional legal due diligence, to review projects in France, Germany, Norway and Canada), Partner Xavier Leroux (Corporate), all Paris.
The German team consisted of the partners Dr. Hans Peter Leube, LL.M. (Corporate/M&A, Frankfurt), Dr. Marc Seeger (Corporate/M&A), Dr. Matthias Lang (Energy) and Dr. Stephan Waldheim (Antitrust, all Düsseldorf) as well as Counsel Dr. Christina Lorenz (Corporate/M&A, Munich) and Associates Jan Medele, Felix Spindler (both Corporate/M&A), Anja Holtermann (Energy) and Tamy Tietze (Antitrust, all Düsseldorf).
Nomura Greentech acted as exclusive financial advisor to Hy2gen.
Société Générale acted as exclusive financial advisor to Hy24 and Mirova.
Legal advisors included Baker Tilly on behalf of Hy2gen, Bird & Bird on behalf of Hy24 and Mirova, Jones Day on behalf of CDPQ and Clifford Chance on behalf of Technip Energies.
About Bird & Bird
Bird & Bird is a leading international law firm with more than 1,400 lawyers in 30 offices in 21 countries in Europe, Africa, the Middle East, Asia Pacific and North America. In Germany, we are represented by more than 250 lawyers in Düsseldorf, Frankfurt, Hamburg and Munich. We focus our consulting in particular on industrial sectors that are developing new technologies and helping to shape digitalization. www.twobirds.com.