The Japan Bank for International Cooperation (JBIC) is looking to invest up to €100 million ($108.7 million) into a hydrogen investment fund managed by European clean hydrogen infrastructure investment platform Hy24 Partners.

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

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The bank, which is backed by the Japanese government, stated that 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 captive fleet and refueling stations.

Hy24 chief executive Pierre-Etienne Franc welcomed JBIC as a limited partner in the hydrogen fund.

“Hy24's investment strategy is to deploy capital into clean hydrogen-based projects, particularly in the most advanced regions in the world,” he said.

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

Franc told Upstream late last year that Hy24 was well on the way to reaching the €1.5 billion goal established when the fund was launched last year.

Other high profile 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 Monday it was participating in the fund under its “GREEN operations”, otherwise known as Global action for Reconciling Economic growth and ENvironmental preservation.

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

JBIC noted its equity participation in the Clean H2 Infra Fund was expected to contribute towards reducing carbon emissions, with the fund targeting strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets.

It added the fund was also in line with “the hydrogen-related policies” of the Japanese government.

Japan is one of a number of countries now looking towards hydrogen to help lower carbon emissions, with demand for clean forms of hydrogen anticipated to continue to increase.