CMA CGM invests in clean hydrogen infrastructure fund Hy24
French container shipping company CMA CGM has become the latest investor in Hy24 – a clean hydrogen infrastructure fund.
PHOTO: A CMA CGM container ship. CMA CGM
Hy24, which claims to be the world’s largest clean hydrogen infrastructure fund, is a result of a joint venture between asset management firms FiveT Hydrogen and Ardian.
The project has so far raised €2 billion ($1.94 billion), which will be used to ramp-up viable hydrogen technologies.
The fund has welcomed CMA CGM as a “new key industrial investor.”
CMA CGM’s recent move is in sync with its objective of decarbonising its operations and attaining net zero by 2050.
In September, CMA CGM created a fund worth $1.5 billion spread over five years called Special Fund for Energies to facilitate its energy transition.
CMA CGM has already allocated some of the funds into three projects.
It has collaborated with French utility firm Engie to produce 11,000 mt/year of biomethane by 2026, and scale up production to 200,000 mt/year by 2028 through the Salamander Project.
It plans to construct a 100,000 mt biomethane production and liquefaction facility in three years in partnership with Dutch LNG bunker supplier Titan. CMA CGM is also actively involved in Jupiter 1000 project in France's Fos to mass produce e-methane.
Apart from this, the company has 31 e-methane ready vessels in operation and another 46 on order for delivery by 2026.
By Tuhin Roy
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