Hy24 signs agreement to acquire EDF's Hynamics hydrogen unit
The buyer is Hy24's Clean Hydrogen Infrastructure Fund, which has raised €2 billion; the transaction could complete in the first quarter of 2027 subject to regulatory approvals.
At a glance
Hy24 has signed an agreement to acquire Hynamics, EDF Group’s low-carbon hydrogen subsidiary, the hydrogen-focused investment firm said on October 15.
The buyer is Hy24’s Clean Hydrogen Infrastructure Fund, which has raised €2 billion.
The companies said the transaction could complete in the first quarter of 2027, subject to customary conditions precedent and regulatory approvals.
Hy24 has signed an agreement to acquire Hynamics, EDF Group’s low-carbon hydrogen subsidiary, the hydrogen-focused investment firm said on October 15.
The buyer is Hy24’s Clean Hydrogen Infrastructure Fund, which has raised €2 billion. The fund is described as one of the world’s largest infrastructure vehicles dedicated exclusively to the clean hydrogen value chain.
The companies said the transaction could complete in the first quarter of 2027, subject to customary conditions precedent and regulatory approvals. The seller is EDF Pulse Ventures, the French utility’s venture capital arm. Financial terms and whether EDF will retain a stake were not disclosed.
Hynamics was founded by EDF in 2019 as a wholly owned subsidiary and is based in Paris. It develops, builds and operates facilities that produce and distribute low-carbon and renewable hydrogen for industrial and transportation applications, with flagship projects in France and the United Kingdom.
Hy24 was launched in 2021 as a joint venture between the private investment house Ardian and FiveT Hydrogen, a hydrogen investment platform.
Global hydrogen production has surpassed 100 million metric tons a year, with the vast majority made from fossil fuels, producing significant greenhouse gas emissions. Scaling low-carbon hydrogen, including green hydrogen produced through electrolysis powered by renewable electricity, requires substantial investment.
Pierre-Etienne Franc, co-founder and chief executive 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.” He described the agreement as illustrating “the ongoing consolidation around the most promising projects, in support of European energy security.”
Julien Villeret, EDF Group’s chief innovation officer, said the ownership change “will enable Hynamics to scale up with the support of a renowned French player.”
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