In an interview with Agence France-Presse (AFP), Pierre-Etienne Franc, co-founder of Hy24 Partners, said that the delay in hydrogen development is a “danger” for Europe’s climate agenda.

The Hy24 investment fund is one of the world’s largest in low-carbon hydrogen. We are talking about a two billion euros fund (about $2.18 billion). And in this interview, Pierre-Etienne Franc warns Europe. “While the number of hydrogen projects is soaring in China, the momentum is slowing in Europe, where we need to remove regulatory uncertainties as quickly as possible if we are not to miss out on the energy transition and curb the warming of temperatures linked to human activity, particularly heavy industry”, he said.

He emphasised the fact that the dynamic is global. “According to the World Hydrogen Council, in its latest report for 2023, the momentum has almost doubled in one year, with more than 1,000 projects announced, representing 320 billion dollars of investment worldwide.”

Regulatory uncertainty in Europe

On the subject of Europe, he says: “The Commission has forecast that Europe will produce 10 million tonnes of carbon-free hydrogen and import another 10 million tonnes by 2030. But we still need the infrastructure to import hydrogen or ammonia. So far, we’re falling behind. The debates on the Renewable Energy Regulation (RED) have slowed down its finalisation in Brussels. Regulatory uncertainty is seriously hampering investment decisions. Meanwhile, China is making progress. It has 150 registered electrolyser suppliers, more than half the manufacturing capacity, and currently produces almost 50% of hydrogen by electrolysis,” he pointed out.

What about France? “France has been very quick to support equipment manufacturers, those who will produce tanks, fuel cells and electrolysers, such as Genvia, Alstom, Forvia, Symbio, McPhy and John Cockerill. The challenge now is to roll out downstream usage and transport infrastructures”, says Pierre-Etienne Franc.

As for Hy24, the company has invested in four companies, two project developers, Hy2Gen and Everfuel in Denmark, as well as in the renewable and hydrogen branch of Enagas in Spain, and in H2 Mobility Deutschland, Europe’s most extensive network of hydrogen stations.

Article written by Laurent Meillaud and translated by Logan King