Caisse de depot et placement du Québec is making its first foray into green hydrogen production by investing in Hy2gen, a German company that it wanted to establish in Varennes, Quebec.
Posted yesterday at 3:02pm.
With three other partners, the fund will invest 288 million (200 million euros) in Hy2gen which intends to produce green hydrogen-based fuel for the transportation sector.
Hy2gen has partnered with Greenfield Global, which produces ethanol in Varennes, to build and operate a renewable electricity-powered hydrogen plant from Quebec, on land adjacent to Greenfield Global’s existing facilities. The project has since been abandoned.
For Caisse de dépôt, this is the first investment in green hydrogen production, as there are high hopes for decarbonizing the most carbon-polluting industries. “With this investment in Hy2gen, we are demonstrating our determination to provide concrete and practical solutions to address current environmental challenges,” said Emmanuel Jaclaw, Senior Vice President and Head of Infrastructure at La Casey.
Hy2gen is a private company headquartered in Wiesbaden, Germany. She is currently developing projects in Canada, elsewhere, as well as in France, Norway, Germany and the United States.
Caisse and its partners’ investment in H2gen is one of the private funds’ most significant contributions to green hydrogen production. Hy24, an infrastructure fund in which Air Liquide and TotalEnergies are notably involved, Mirova, a management company of Natixis, and Technip Energies are the co-investors.