Three French companies have launched what is said to be the world's largest clean hydrogen infrastructure fund, according to Reuters.
Leading the charge are TotalEnergies, Air Liquide and Vinci, which are seeking €1.5 billion ($1.74 billion) for the vehicle. The fund has already secured €800 million ($927 million) of initial commitments.
“We believe that clean, renewable hydrogen will play a key role in the energy transition, and TotalEnergies wants to be a pioneer in its mass production,” said Patrick Pouyanne, chairman and CEO of TotalEnergies. “We are currently working on several projects, notably to decarbonize the gray hydrogen used in our European refineries by 2030. We are convinced that a collective effort is needed to kick-start the hydrogen sector and take it to scale.”
The move comes as hydrogen adoption picks up throughout the world. In 2020, the global hydrogen generation market size was estimated at $120.77 billion, and it is e