European plane maker Airbus has teamed up with one of the world’s largest clean hydrogen infrastructure investment funds, which is managed by Hy24.
Founded last year, Hy24 is a joint venture between Ardian, a private investment house with about $114 billion of assets and FiveTHydrogen, a manager specialising in clean hydrogen investments.
“Since 2020, Airbus has partnered with numerous airlines, airports, energy providers and industry partners to develop a stepped approach to global hydrogen availability,” said Karine Guenan, vice president of ZEROe Ecosystem at Airbus.
"Joining a fund of this magnitude demonstrates Airbus's continuously active role in infrastructure investments for the production, storage and distribution of clean hydrogen worldwide."
The company based in Toulouse, France did not disclose the amount of investment it would make in the fund.
As the aviation industry moves to meet its net-zero carbon emissions goal by 2050, a significant number of requirements need to be met.
Airbus aims to develop the world’s first zero-emission commercial aircraft by 2035 using hydrogen propulsion.
This year, it launched ZEROe demonstrator to test hydrogen combustion technology on an A380 multimodal platform.
In September 2020, it revealed three designs it is considering for the hydrogen-powered aircraft as it seeks to bring the world's first emissions-free passenger plane into service.
"We are delighted that Airbus has joined the fund along with other key industrial and financial investors,” said Pierre-Etienne Franc, Hy24’s chief executive.
“Hy24 is well positioned to identify and accelerate the development of clean-hydrogen infrastructure companies to meet today's needs and ensure tomorrow’s transportation and logistics."
Hy24’s investment fund will provide financial capital to back credible, large-scale green hydrogen infrastructure projects globally.
On Wednesday, US plane maker Boeing committed a $50 million investment in AEI HorizonX, which was formed as Boeing's corporate venture capital arm in 2017 and is now managed by private equity firm AE Industrial Partners.
The new funding will anchor AEI HorizonX's second venture fund, which plans to raise $250m to support promising start-ups in future mobility, space, sustainability, digital enterprise applications, networks and security, Boeing said.