Plug Power, Chart Industries and Baker Hughes announce their intention to become cornerstone investors in FiveT Hydrogen Fund
- Investments intend to establish market presence for the FiveT Hydrogen Fund and enable initial stages of activity.
- Combined investments of €260 million are part of a €1 billion Fund ambition, helping to drive development for climate change solutions and accelerate the energy transition to a net-zero future.
- Three companies each bring financial, strategic and technical expertise to help further develop the hydrogen economy.
NEW YORK, ATLANTA, HOUSTON and LONDON, April 05, 2021 (GLOBE NEWSWIRE) -- Plug Power (NASDAQ: PLUG), Chart Industries, Inc. (NYSE: GTLS) and Baker Hughes (NYSE: BKR), are announcing their intention to become cornerstone investors in the formation of the FiveT Hydrogen Fund (“FiveT” or “the Fund”), a unique new clean-hydrogen-only private infrastructure fund dedicated to delivering clean hydrogen infrastructure projects at scale.
Plug Power intends to commit €160 million ($200 million), and Chart Industries and Baker Hughes each intend to commit €50 million respectively ($60 million), recognising the unique value proposition that FiveT will bring to the hydrogen sector. These investments enable FiveT to establish itself at the heart of the hydrogen industry and help advance a broader global mission to address climate change and accelerate the energy transition. This Euro-denominated Fund, offered only to qualifying and verified investors, has the ambition to raise a total of €1 billion from both financial and industrial investors.
The energy industry and many corporations broadly agree the hydrogen economy needs to build scale at speed to succeed and become a key part of the solution to building a net-zero global economy. Investors have an important role to play in driving success, and smart collaboration between financial and strategic stakeholders in hydrogen infrastructure can unlock the potential of the broader hydrogen economy, accelerating the pace of investment and supporting a net-zero emissions future. Plug Power, Chart Industries and Baker Hughes are early cornerstone investors in the Fund, helping it to establish its market presence and enabling the first stages of its investment activity.
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