Plug Power, Chart Industries, and Baker Hughes to invest in FiveT Hydrogen Fund

Plug Power, Chart Industries, Inc., and Baker Hughes, are intend 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 EUR160 million (US$200 million), and Chart Industries and Baker Hughes each intend to commit EUR50 million respectively (US$60 million), recognizing 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 the 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.

FiveT will communicate more broadly about the project in the coming days. The Fund is expected to close in the third quarter of 2021, with the first cash contributed by investors by early 2022 and drawn as required for investment over several years.