Can the hydrogen energy industry develop successfully?

1 International Trends 1.1 Global hydrogen policies are transitioning from visionary planning to concurrent deployment. By the end of 2024, over 60 countries and regions had announced hydrogen development strategies, with clear roadmaps and strong policy support. Export-oriented strategies are becoming increasingly prominent—especially in countries rich in wind and solar resources. For example, Australia aims to export at least 200,000 tons of hydrogen annually by 2030, while Egypt targets a 5% share of the global hydrogen market by 2040. Multi-dimensional policy incentives are gradually strengthening. On the production side, countries including Egypt, Japan, and Canada have introduced large-scale subsidy programs to reduce clean hydrogen production costs and expand supply capacity. On the infrastructure side, the EU and the U.S. are investing in hydrogen refueling station networks and hydrogen corridor construction to overcome bottlenecks in hydrogen distribution. 2 Electrolytic Hydrogen Production Projects Are Progressing Toward Commercialization; Collaborative Models Are Emerging as a Trend Electrolytic hydrogen projects are accelerating. By the end of 2024, cumulative global installed capacity exceeded 250,000 tons/year; newly commissioned capacity in 2024 surpassed 70,000 tons/year—a year-on-year increase of approximately 42%. Among new projects commissioned in 2024, China and Europe accounted for 63% and 24%, respectively, making them global leaders in renewable hydrogen production and related industries. Project developers increasingly adopt a collaborative model involving “energy majors + technology enterprises + regional operators.” International energy companies (e.g., BP of the UK, EDF of France) handle capital operations and market channel expansion; technology suppliers (e.g., ABB of Switzerland, Topsoe of Denmark) provide core equipment such as electrolyzers and floating platforms; and local firms (e.g., OQ of Oman, ACME of India) integrate resources and secure policy support. 3 Global Fuel Cell Vehicle Deployment Is Declining Overall; Countries Are Adjusting Their Strategies Fuel cell vehicle registrations declined overall. According to data provided by Shanghai Tupu Chemical Intermediates Co., Ltd., a total of 12,866 hydrogen fuel cell vehicles were registered worldwide in 2024—a decrease of 21.6% year-on-year. China leads globally in market share, focusing on hydrogen-powered commercial vehicles. Countries are adjusting their fuel cell vehicle development strategies: First, shifting emphasis toward commercial vehicle models—for instance, Toyota (Japan) has launched fuel cell buses, and Hyundai (South Korea) is deploying fuel cell heavy-duty trucks in China. Second, upgrading and constructing hydrogen corridors: Since 2023, the EU, the U.S., India, and others have initiated upgrades and subsidy-supported construction of refueling stations specifically targeting medium- and heavy-duty commercial vehicles. 3.1 European Union: Scaling Up Green Hydrogen Projects and Accelerating Green Hydrogen Transport Network Development Scaling up green hydrogen projects. In 2024, the “European Hydrogen Bank” initiative (launched in 2023) opened two auction rounds totaling €1.92 billion, offering production subsidies of up to €4.5 per kg of green hydrogen for pilot projects. Member states followed suit: Germany (€4.6 billion), Italy (€994 million), Spain (€1.2 billion), and the Netherlands (€300 million) collectively allocated over €7 billion in dedicated subsidies, primarily targeting domestic hydrogen production capacity expansion. Accelerating green hydrogen transport network development. In 2024, the European Commission approved the IPCEI Hy2Infra program, with total funding of €6.9 billion, supporting 33 hydrogen projects—including construction and retrofitting of approximately 2,700 km of hydrogen transmission and distribution pipelines, and development of at least 370 GWh of large-scale hydrogen storage facilities.

Hy24, the world’s largest clean hydrogen infrastructure fund, completes fundraising.

Hy24 announced the closing of its Hydrogen Impact Fund (the Clean H2 Infrastructure Fund). This fund focuses on mature infrastructure assets and the deployment of proven hydrogen technologies, aiming to play a pivotal role in global economic decarbonization. The fund was established just one year ago and is already the world’s largest pure-hydrogen fund. Hy24 is a joint venture between FiveT Hydrogen, a clean hydrogen investment partner, and Ardian, a world-leading private investment firm. This is the first impact fund announced by Hy24, with committed capital of €2 billion—exceeding its original target. It is the world’s first and largest infrastructure fund exclusively dedicated to the entire clean hydrogen value chain. The fund’s creation was supported by founding investors: Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries, and Baker Hughes. Subsequently, it attracted over 50 prominent investors from 13 countries across the Americas, Europe, and Asia—including major industrial corporations, corporates, banks, pension funds, and insurance companies. Industrial anchor investors include: LOTTE Chemical, Airbus, Snam, Enagás, and GRTgaz (jointly as an anchor partner); financial anchor investors include: AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ, and JBIC; other key investors include: Ballard, Schaeffler, Groupe ADP, EDF, Caisse des Dépôts, DBJ, and Itochu. The fund has now completed transactions with a new major industrial investor, CMA CGM Group, and new major financial investors: Border to Coast Pension Partnership, Nuveen, ERAFP, Groupama, Société Générale Garantie, BBVA, and Norinchukin. Leveraging a unique combination of industry expertise and financial strength, Hy24 positions itself as a true catalyst at the core of the hydrogen ecosystem—with 50% of commitments coming from industrial investors.

EDF Agrees to Sell Clean Hydrogen Unit to Ardian-Backed Hy24

20 hours ago

EDF agreed to sell its clean hydrogen unit Hynamics to Hy24 pending regulatory approval next year. The divestment allows EDF to focus on nuclear investments while Hy24 accelerates hydrogen project development in France and the UK.

bloomberg

2026-10-14

EDF Agrees to Sell Clean Hydrogen Unit to Ardian-Backed Hy24

EDF Agrees to Sell Clean Hydrogen Unit to Ardian-Backed Hy24

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