Page 25 - Baker Hughes REPORT - OCTOBER 2023

10/9/23, 6:07 PM Paris-based fund Hy24 aims to invest in Mena hydrogen equipment-makers

Pierre-Etienne Franc, chief executive of Hy24, speaks at the Abu Dhabi Hydrogen Investment Forum at The Abu Dhabi Global Market. Ryan Lim
/ The National

There may be investments through the fund into companies that are going to localise production assets or
manufacturing assets, Mr Franc said.

“It’s not going to be a centralised manufacturing strategy for electrolysers, it’s going to be multilocal."
Green hydrogen production involves a process in which an electrolyser uses electricity to separate water
molecules into hydrogen and oxygen. This enables the capture and storage of hydrogen, which can then be used
as a fuel source.

Hydrogen is expected to become a critical fuel as economies and industries transition to a low-carbon world.
French investment bank Natixis estimates investment in hydrogen will exceed $300 billion by 2030.

It comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas.

Companies have announced investments in the Mena region and its manufacturing capabilities and “we will be
looking if we can be a part of that”, Mr Franc said.

Electrolyser manufacturing capacity reached nearly 11 gigawatts in 2022, according to the International Energy
Agency.
The realisation of all the projects in the pipeline could lead to an installed
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UAE's Masdar tells hydrogen electrolyser capacity of 170 gigawatts to 365 gigawatts by 2030, the agency has
summit a 'green wave is coming' said.
Acwa Power signs pacts with Hy24, which is backed by large companies such as TotalEnergies and Baker
Italian companies to explore green Hughes, raised €2 billion ($2.1 billion) to invest in green hydrogen projects last year.
hydrogen projects
UAE's clean energy milestones: Last week, the fund, along with Singaporean sovereign wealth fund GIC,
path to net zero announced an equity investment of $115 million in green hydrogen company
InterContinental Energy, which is developing a portfolio of green hydrogen projects
in Australia and the Middle East.

Through the investment, Hy24 aims to “walk the talk” on its investment goals as InterContinental has “advanced”
sites, agreements and projects, Mr Franc said.

The UAE, the Arab world’s second-largest economy, aims to achieve hydrogen production of 1.4 million tonnes
annually by 2031. This is to increase to 15 million tonnes every year by 2050.
Oman, the largest non-Opec oil producer in the Middle East, aims to produce at least a million tonnes of
renewable hydrogen a year by 2030 before stepping up capacity to 3.75 million tonnes by 2040 and 8.5 million by
2050.
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