Hy24’s Equipment Fund to debut with investment in Hexagon Purus

Hexagon Purus is a zero-emission mobility and infrastructure service provider.

  • Hy24’s investment is part of a private placement of convertible bonds by Hexagon Purus
  • Hexagon is based in Oslo, Norway
  • Paris-based Hy24 is a clean hydrogen alternative investment fund manager

Hy24 will pump around €13 million capital into Hexagon Purus, a zero-emission mobility and infrastructure service provider.

Oslo, Norway-based Hexagon Purus is the first transaction by Hy24’s new Clean Hydrogen Equipment Fund. The new fund builds on the momentum of Hy24’s Clean Infrastructure Fund, which closed at €2 billion.

Hy24’s investment is part of a private placement of convertible bonds by Hexagon Purus, where Hy24 joins existing investors Mitsui and Hexagon Composites. The investors have committed to support Hexagon Purus for a total of around €88.5 million.

“This investment, the first by our Equipment Fund, reinforces Hy24’s position as a strategic investor and a catalyst in fostering the clean hydrogen economy,” said Guillaume Lesueur, MD and head of the Clean Hydrogen Equipment Fund at Hy24. “It bolsters the growth initiatives of Hexagon Purus, a global leader in the midstream of the hydrogen sector, exemplifying our Fund’s commitment to the mature and pivotal hydrogen technologies that are essential to decarbonizing industry and mobility sectors.”

Hy24 will support Hexagon Purus’ global equipment and services manufacturing scale-up plans, enabling it to meet growing demand for hydrogen supply chain components, according to a release.

Paris-based Hy24 is a clean hydrogen alternative investment fund manager which was created in 2021 as a 50/50 joint venture between Ardian and FiveT Hydrogen.