Hydrogen refueling station operator H2 MOBILITY Deutschland closed a €110-million investment round. Hy24, the world’s largest clean hydrogen infrastructure investment platform, led the round with €70 million. Air Liquide, Daimler Truck, Hyundai, Linde, OMV, Shell, and TotalEnergies also contributed to the capital raise.

H2 MOBILITY, a leading operator of hydrogen refueling stations which already operates more than 90 stations across Germany, intends to use the funding to further expand its network to 300 stations by 2030, becoming the backbone of zero-carbon private and commercial traffic in Europe.

Of these, more than 200 will be large-scale refueling stations capable of meeting demand for zero-carbon, heavy-duty and long-haul transportation on the European Continent.

The expansion of H2 MOBILITY Deutschland’s network will be focused on several high-traffic transportation corridors, giving it a cornerstone role in the future mobility system of the European Union.

In a sign of existing demand for hydrogen vehicles, many of the company’s new projects will be developed hand-in-hand with off-takers, public authorities, and fleet operators—guaranteeing baseline offtake for the stations and a significant step towards a profitable and self-sustained refueling network.

H2 MOBILITY Deutschland, with a track record of building more than 50 projects and operating more than 90 stations has the institutional knowledge and understanding necessary for practical hydrogen infrastructure development, reinforced by its existing shareholder base of leading energy and mobility players.

Hy24’s investment marks the first such move by any international investment fund into the hydrogen mobility space—and it will seek to use its leading industrial and financial expertise to support the business case for the sector, helping it to profitably achieve sustainability goals.

H2 MOBILITY Deutschland is leading the way in developing the necessary European infrastructure for low-carbon intensive, and heavy mobility. Hydrogen is a crucial part of achieving the European Union’s Fit-for-55 plans, further reinforced by the recent REPowerEU proposal. Our investment alongside pioneers in this ecosystem also supports the European Commission’s efforts to implement the Alternative Fuels Infrastructure Regulation (AFIR) to greatly expand the European network of hydrogen refuelling stations. It fits perfectly with our ambition to be the catalyst for a hydrogen economy at scale – active across the system and value chain to effect real change for the planet.

—Pierre-Etienne Franc, the CEO of Hy24

The transaction is subject to the evaluation with the pertinent merger control authorities. Hy24’s legal advisors for the deal were EY and Bird & Bird. Hy24 was also advised by Marsh, and PwC.

H2 MOBILITY’s advisors for the deal were McKinsey & Company, NOERR Partnergesellschaft mbB, HAUCK AUFHÄUSER LAMPE PRIVATBANK AG, KPMG AG Wirtschaftsprüfungsgesellschaft.