BAKER HUGHES TO INVEST IN FiveT HYDROGEN FUND WITH TWO US PARTNERS

Plug Power, Chart Industries, Inc. and Baker Hughes, are announcing their intention to become cornerstone investors in the formation of the FiveT Hydrogen Fund, a unique new clean-hydrogen-only private infrastructure fund dedicated to delivering clean hydrogen infrastructure projects at scale.
Plug Power intends to commit €160 million ($200 million), and Chart Industries and Baker Hughes each intend to commit €50 million respectively ($60 million), recognising the unique value proposition that FiveT will bring to the hydrogen sector. These investments enable FiveT to establish itself at the heart of the hydrogen industry and help advance a broader global mission to address climate change and accelerate the energy transition. This Euro-denominated Fund, offered only to qualifying and verified investors, has the ambition to raise a total of €1 billion from both financial and industrial investors.
The energy industry and many corporations broadly agree the hydrogen economy needs to build scale at speed to succeed and become a key part of the solution to building a net-zero global economy. Investors have an important role to play in driving success, and smart collaboration between financial and strategic stakeholders in hydrogen infrastructure can unlock the potential of the broader hydrogen economy, accelerating the pace of investment and supporting a net-zero emissions future. Plug Power, Chart Industries and Baker Hughes are early cornerstone investors in the Fund, helping it to establish its market presence and enabling the first stages of its investment activity.
The Fund will exclusively finance projects in the production, storage and distribution of clean hydrogen. Projects will aim to achieve strong infrastructure returns and deliver true sustainability for a lasting impact on environment, society and businesses. The Fund will continually seek alliances with industrial companies looking to build the hydrogen energy supply chain and form alliances to grow projects at scale.
By combining deep financial strength and investment rigor with unparalleled knowledge of and access to the hydrogen market and its technology, the Fund is expected to be a catalyst for both the financing and building of hydrogen infrastructure projects. The Fund is led by Pierre Etienne Franc, who was, up to the 31st of March, the vice president of Hydrogen Energy for Air Liquide and co-secretary of the Hydrogen Council.
Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Latham, New York, and has facilities in Spokane, Washington, and Rochester, New York.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. The company is headquartered in Ball Ground, Georgia, USA.
(Source: Baker Hughes – Image: Plug Power)