Hy24 Acquires Clean Hydrogen Platform Hynamics from EDF

French clean hydrogen-focused investment firm Hy24 announced that it has signed an agreement to acquire EDF Group’s subsidiary Hynamics, a producer of low-carbon hydrogen for the heavy mobility and industrial sectors.

Launched in 2021, Hy24 is a joint venture between private investment house Ardian, and hydrogen enabling investment platform, FiveT Hydrogen.  The acquisition, from EDF’s venture capital arm EDF Pulse Ventures, is being made through HY24’s Clean Hydrogen Infrastructure Fund. The fund has raised €2 billion, making it one of the world’s largest infrastructure funds to exclusively invest in the clean hydrogen value chain.

The acquisition comes as global hydrogen production has surpassed 100 million metric tons annually, with the vast majority produced using fossil fuels, resulting in significant greenhouse gas emissions. Substantial investment is needed to scale low-carbon hydrogen production, including green hydrogen, which is produced through water electrolysis powered by renewable electricity.

Paris-based Hynamics was founded by EDF in 2019 as a wholly owned subsidiary focused on producing and distributing low-carbon hydrogen. The company develops, builds and operates facilities producing and distributing low-carbon and renewable hydrogen for industrial and transportation applications through several flagship projects in France and the United Kingdom.

Pierre-Etienne Franc, Co-founder and Chief Executive Officer of Hy24, said:

“Through its portfolio of low-carbon hydrogen projects, Hynamics has helped lay the foundations of a critical industry for the decarbonization of heavy industry and transport in France and the United Kingdom…This agreement illustrates the ongoing consolidation around the most promising projects, in support of European energy security.”

According to the companies, the transaction aims to support Hynamics’ next phase of growth and the development of a leading low-carbon hydrogen producer in France and the UK, as the hydrogen industry seeks to scale production to support the decarbonization of heavy industry and transportation.

Julien Villeret, EDF Group Chief Innovation Officer, said:

“This change in ownership will enable Hynamics to scale up with the support of a renowned French player, the world’s leading investment fund dedicated to the development of the hydrogen economy and related molecules.”

The companies stated that the transaction could be completed in the first quarter of 2027, subject to the fulfillment of customary conditions precedent and regulatory approvals.