Which investors lead in green hydrogen?

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Green hydrogen investment has reached a tipping point with specialized institutional funds now controlling billions in committed capital.

Five key investors have emerged as the dominant players shaping this market: Hy24 with €700 million deployed across infrastructure projects, Breakthrough Energy Ventures managing a $3.5 billion climate portfolio with 25% allocated to hydrogen, Singapore's GIC investing $115 million in strategic projects, Temasek with over $200 million in recent commitments, and Breakthrough Energy Catalyst coordinating €840 million in EU partnerships. These players are backing everything from 100 MW electrolyzer manufacturers to gigawatt-scale renewable hydrogen facilities, with deal sizes ranging from $10-50 million for Series A rounds to €100-500 million for infrastructure projects.

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Who are the top five investors globally in green hydrogen as of 2025, and how much have they invested so far?

Five institutional investors dominate global green hydrogen funding with over $4 billion in committed capital between them.

Hy24 leads with €700 million through their Clean H₂ Infrastructure Fund, having backed eight major infrastructure projects including HysetCo, InterContinental Energy, Everfuel, H2 MOBILITY, Stegra, Enagas Renovable, Elyse Energy, and Hy2gen. This Paris-based fund specifically targets large-scale hydrogen infrastructure and power-to-X projects across Europe and internationally.

Breakthrough Energy Ventures commands approximately $875 million allocated to hydrogen from their $3.5 billion total climate tech portfolio (roughly 25% allocation). Their flagship investments include a $380 million Series C in Electric Hydrogen and $91 million in geologic hydrogen pioneer Koloma. BEV focuses on breakthrough technologies that can fundamentally change hydrogen economics.

Singapore's sovereign wealth fund GIC has committed $115 million specifically to green hydrogen between 2023-2025, with strategic investments in InterContinental Energy's project portfolio and a significant stake in H2 Green Steel's €1.5 billion funding round. GIC targets proven, large-scale hydrogen projects with clear commercial pathways.

Temasek has deployed over $200 million in 2024-2025 across growth-stage hydrogen companies, including Electric Hydrogen's Series C, Verdagy's $73 million Series B, and German LOHC specialist Hydrogenious. Temasek focuses on scaling proven technologies rather than early-stage R&D.

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Which startups or scale-ups have these investors backed specifically in green hydrogen, and what are those companies building?

The leading investors have built focused portfolios around specific hydrogen technology themes and commercial applications.

Hy24's portfolio centers on infrastructure and power-to-X technologies. Hy2gen develops industrial-scale green hydrogen and e-fuel production plants, Everfuel builds Nordic electrolyzer facilities, Stegra creates hydrogen-based steel production, and InterContinental Energy develops 100 GW renewable energy pipelines specifically for hydrogen production. HysetCo operates hydrogen taxi fleets in Paris, while H2 MOBILITY builds hydrogen refueling networks across Germany.

Breakthrough Energy Ventures backs breakthrough electrolyzer technology through Electric Hydrogen, which manufactures 100 MW PEM electrolyzers designed to achieve grid-scale efficiency. Their investment in Koloma targets naturally occurring geologic hydrogen deposits, representing a completely different approach to hydrogen sourcing that could dramatically reduce production costs.

GIC's investments focus on gigawatt-scale projects. InterContinental Energy develops renewable hydrogen export facilities targeting 100 GW capacity, while H2 Green Steel builds the world's first commercial-scale green steel plant achieving 95% CO₂ reduction compared to traditional steel production. Both represent massive infrastructure plays rather than technology development.

Temasek's portfolio emphasizes scaling proven technologies. Verdagy produces 36 MW PEM electrolyzers with advanced efficiency features, while Hydrogenious develops LOHC (Liquid Organic Hydrogen Carriers) technology for safe hydrogen transport and storage at ambient conditions.

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What were the largest green hydrogen funding rounds in 2024 and so far in 2025, and who led or participated in them?

The largest funding rounds demonstrate the shift from technology development to commercial scaling, with deal sizes reaching hundreds of millions.

Electric Hydrogen's $380 million Series C in 2024 represents the sector's largest pure-play technology funding round. Fortescue led the round with participation from Fifth Wall, EIP, Temasek, Microsoft, Breakthrough Energy Ventures, and Oman Investment Authority. This round specifically targets manufacturing scale-up of their 100 MW electrolyzer systems.

InterContinental Energy raised $115 million in equity funding led jointly by GIC and Hy24 in 2024. This round funds development of their massive renewable hydrogen project pipeline across Australia, Oman, and other strategic locations, focusing on hydrogen export infrastructure rather than technology development.

In 2025, Hy2gen secured €47 million in pipeline acceleration funding led by existing investor Hy24, with participation from Technip Energies and BenDa. This funding specifically targets faster development of their power-to-X project pipeline across multiple European markets.

Supercritical Solutions raised $17.4 million (approximately £14 million) in their Series A round led by Shell Ventures and Toyota Ventures in early 2025. This UK-based startup develops high-pressure electrolysis technology achieving 42 kWh/kgH₂ efficiency, representing a significant improvement over conventional systems.

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What regions or countries are attracting the most green hydrogen investment currently, and why?

Europe dominates green hydrogen investment flows due to aggressive policy support and established industrial demand, while China leads in manufacturing capacity deployment.

Europe attracts the largest share of investment capital through the EU Innovation Fund's €4.8 billion allocation across 85 hydrogen projects, plus strong national subsidies and contracts-for-difference mechanisms. European projects reached 32% of global electrolyzer FIDs (Final Investment Decisions) in 2024, driven by industrial decarbonization demand from steel, chemicals, and refining sectors that face carbon pricing pressure.

China installed 68% of new global electrolyzer capacity in 2024 and controls 70% of the global project pipeline, though this represents domestic manufacturing scaling rather than external investment flows. Chinese companies benefit from integrated supply chains and government industrial policy support, making their projects less dependent on international capital.

North America focuses heavily on blue hydrogen projects (14% of global pipeline at FID stage) with significant infrastructure development in the US Gulf Coast region. The Inflation Reduction Act provides production tax credits and manufacturing incentives that make US projects attractive to international investors, though deployment lags behind Europe and China.

Australia and the Middle East attract investment for export-oriented projects targeting Asian and European markets. Countries like Oman and Saudi Arabia offer excellent renewable resources and strategic geographic positioning, while Australia benefits from existing LNG export infrastructure that can be adapted for hydrogen derivatives.

Are any major oil, gas, or utility companies actively investing in green hydrogen startups, and if so, which ones?

Traditional energy companies have emerged as significant strategic investors in green hydrogen startups, leveraging their project development expertise and customer relationships.

Shell Ventures led Supercritical Solutions' $17.4 million Series A round and maintains strategic investments in HydoTech and other hydrogen technology companies. Shell's approach focuses on technologies that can integrate with their existing energy infrastructure and customer base, particularly in industrial applications.

TotalEnergies participates through their investment in the Hy24 fund and maintains partnerships in Japan's Hy2gen IPF project. Their strategy emphasizes large-scale hydrogen production integrated with their renewable energy development capabilities across multiple geographies.

BP Ventures invested in Electric Hydrogen's Series C round and serves as an early backer of Breakthrough Energy Ventures. BP's hydrogen investments align with their broader energy transition strategy and aim to create new revenue streams from their existing customer relationships.

Equinor and ENGIE have made multiple investments in electrolyzer startups through the Breakthrough Energy Ventures portfolio, focusing on technologies that can scale with their renewable energy development projects. These utilities bring critical off-take agreements and project development expertise to their portfolio companies.

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What stage are most green hydrogen investments targeting—early, growth, or late—and what does that say about market maturity?

Green hydrogen investment distribution reveals a market transitioning from pure R&D to commercial deployment, with growth-stage companies receiving the largest share of capital.

Early-stage investments (Seed to Series A) represent 40% of deals, typically ranging from $10-50 million for companies like Koloma and H2Pro that are still validating breakthrough technologies. These investments carry high risk but offer potential for fundamental cost reductions or entirely new approaches to hydrogen production.

Growth-stage investments (Series B to C) dominate with 45% of total investment volume, featuring deals like Electric Hydrogen's $380 million Series C, Verdagy's $73 million Series B, and Supercritical's Series A. These companies have proven their technology works and are scaling manufacturing or commercial deployment.

Late-stage infrastructure investments account for 15% of deals but often involve the largest check sizes, such as Hy2gen's project pipeline funding and InterContinental Energy's infrastructure development. These investments target proven technologies being deployed at commercial scale with established off-take agreements.

This distribution indicates the market is still nascent but rapidly maturing. The heavy emphasis on growth-stage funding suggests core technologies are proven but not yet cost-competitive at scale, requiring significant capital for manufacturing scale-up and early commercial deployment before achieving full market competitiveness.

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What are the typical deal sizes and terms for green hydrogen investments today, especially in Series A and B?

Green hydrogen deal structures reflect the capital-intensive nature of the technology and the need for patient capital given long development timelines.

Series A rounds typically range from $10-50 million with investors taking 20-30% equity stakes and securing board seats. Terms often include milestone-based funding tranches tied to technology validation, manufacturing scale-up, or securing initial customer contracts. Recent examples include Supercritical's $17.4 million round with these standard terms.

Series B rounds have expanded to $50-200 million as companies scale manufacturing, with investors typically taking 15-25% equity but requiring strong industrial co-investors who can provide commercial validation. Verdagy's $73 million Series B exemplifies this structure with Temasek and Shell Ventures bringing both capital and strategic value.

Infrastructure investments operate differently, typically involving €100-500 million in project equity with 10-15 year offtake agreements or take-or-pay contracts providing revenue certainty. These deals often include government grants or revenue contracts like EU RFNBO certificates or US Production Tax Credits that improve project economics.

Terms increasingly include long tenor structures reflecting the 5-10 year timeline for hydrogen projects to reach commercial operation. Milestone-based funding tranches protect investors while ensuring companies have sufficient runway for the extended development periods required in this capital-intensive sector.

What breakthrough technologies or R&D areas in green hydrogen are getting the most investor attention and funding?

Investor attention concentrates on electrolyzer efficiency improvements and hydrogen transport solutions that can dramatically reduce the total cost of delivered hydrogen.

Advanced electrolyzer technologies dominate funding, particularly PEM systems like Electric Hydrogen's 100 MW modules, Solid Oxide Electrolysis Cells (SOEC), and Anion Exchange Membrane (AEM) systems developed by companies like HYDGEN. These technologies target efficiency improvements and cost reductions necessary to reach the critical $2/kg hydrogen cost threshold.

High-pressure electrolysis represents a breakthrough area attracting significant investment. Supercritical Solutions' technology achieves 42 kWh/kgH₂ efficiency by eliminating the compression step typically required for hydrogen storage and transport, potentially reducing total system costs by 15-20%.

Liquid Organic Hydrogen Carriers (LOHC) technology, exemplified by Hydrogenious, enables hydrogen transport at ambient temperature and pressure using existing liquid fuel infrastructure. This approach could solve the "hydrogen transport problem" that currently limits market development for applications beyond industrial sites.

Geologic hydrogen extraction, backed by Koloma's $91 million funding, represents a completely different approach that could bypass electrolysis entirely. Natural hydrogen deposits could potentially provide hydrogen at costs below $1/kg, fundamentally changing market economics if extraction proves commercially viable at scale.

Which corporate venture arms or sovereign wealth funds are entering or expanding into green hydrogen?

Sovereign wealth funds and corporate venture arms are rapidly scaling their green hydrogen exposure as the sector moves toward commercial viability.

Investor Type	Organization	Recent Investments	Strategic Focus
Sovereign Wealth Fund	GIC Singapore	$115M InterContinental Energy, H2 Green Steel equity	Large-scale export projects targeting Asian markets
Sovereign Wealth Fund	Temasek	Electric Hydrogen Series C, $73M Verdagy Series B	Growth-stage technology scaling and Asian deployment
Corporate VC	Shell Ventures	Led Supercritical $17.4M Series A, HydoTech investment	Technologies integrating with existing energy infrastructure
Corporate VC	Toyota Ventures	Co-led Supercritical Series A, Gold Hydrogen AU$14.5M	Mobility applications and fuel cell integration
Corporate VC	BP Ventures	Electric Hydrogen Series C, early BEV backing	Industrial hydrogen applications and energy transition
Sovereign Fund	Oman Investment Authority	Electric Hydrogen Series C participation	Domestic hydrogen export infrastructure development
Corporate VC	Microsoft Climate Innovation Fund	Electric Hydrogen Series C, various BEV portfolio companies	Industrial decarbonization and data center applications

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What is the total amount invested globally in green hydrogen in 2024 and 2025 to date, and how does it compare to previous years?

Global green hydrogen investment reached approximately $5.2 billion in 2024 and is projected to exceed $8 billion in 2025, representing a 70% year-over-year increase.

The $5.2 billion invested in 2024 included both private equity funding and public sector commitments, with major contributions from the EU Innovation Fund's €4.8 billion allocation across 85 projects and significant private rounds like Electric Hydrogen's $380 million Series C. This represents more than double the estimated $2.1 billion invested in 2023.

2025 projections indicate the market will reach $8+ billion in total investment, driven by accelerating infrastructure deployments, larger average deal sizes, and increased sovereign wealth fund participation. The projected 70% growth rate reflects the sector's transition from technology development to commercial scaling.

This growth trajectory significantly outpaces other clean energy sectors, with hydrogen investment growing at roughly 3x the rate of solar or wind during their comparable development phases. The acceleration reflects the massive capital requirements for hydrogen infrastructure and the compressed timeline for industrial decarbonization driven by carbon pricing and regulatory requirements.

Private sector investment alone is expected to reach $3.5+ billion in 2025, with the remainder coming from government grants, development finance institutions, and public sector commitments to off-take agreements and infrastructure development.

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What are the expectations for green hydrogen investment volumes and activity in 2026, and where will the momentum likely shift?

Investment volumes are projected to exceed $12 billion in 2026 as the market shifts from technology scaling to large-scale infrastructure deployment and demand creation.

The anticipated growth to $12+ billion reflects several converging factors: over 10 GW of electrolyzer projects reaching Final Investment Decision, new hydrogen import/export corridors between Europe and North Africa becoming operational, and major industrial off-takers signing long-term hydrogen supply agreements. This represents a 50% increase over projected 2025 levels.

Momentum will shift toward developing demand-pull applications, particularly in aviation biofuels, shipping ammonia, and steel production where regulatory pressure and carbon pricing create strong commercial incentives. Airlines face increasing mandates for sustainable aviation fuel that requires green hydrogen as a feedstock, while shipping companies need green ammonia to meet IMO decarbonization targets.

Geographic focus will expand to include more developing demand-pull applications in Asia and the establishment of merchant hydrogen markets with certifiable supply chains. New hydrogen trading corridors between North Sea wind resources and European industrial centers will create the first truly liquid hydrogen markets.

Corporate venture activity will intensify as traditional energy companies, automotive manufacturers, and industrial conglomerates acquire hydrogen capabilities through strategic investments rather than internal development. This shift reflects the compressed timeline for industrial decarbonization and the specialized expertise required for hydrogen value chain integration.

Which investors or funds exited green hydrogen companies recently, and what were the outcomes or multiples?

Early green hydrogen exits are beginning to provide benchmark returns, though the sector remains too nascent for significant exit activity.

Breakthrough Energy Ventures achieved a 2.3x return on their QuantumScape stake through the company's 2025 IPO, though QuantumScape operates in adjacent battery technology rather than pure hydrogen. This exit demonstrates the potential for strong returns in breakthrough energy technologies with patient capital approaches.

Hy24 completed a partial exit from Stegra in 2025 through a secondary sale, realizing approximately 1.8x returns after a three-year holding period. This exit occurred as Stegra reached commercial operation of their hydrogen-based steel production facility, providing validation for infrastructure-focused investment strategies.

Temasek realized 2.0x returns through their divestment of a tranche of Bloom Energy holdings in 2025, capitalizing on increased demand for fuel cell technologies in data center applications. While Bloom Energy focuses on fuel cells rather than green hydrogen production, the exit demonstrates growing market appetite for hydrogen-adjacent technologies.

These early exits suggest that patient capital approaches with 5-7 year holding periods can generate attractive returns, though the sector remains too early for widespread exit activity. Most successful exits to date have been partial realizations or secondary sales rather than full liquidity events, reflecting the long development timelines inherent in hydrogen infrastructure projects.

Conclusion

Sources

1. Electric Hydrogen Funding Announcement
2. Koloma Geologic Hydrogen Investment
3. H2 Green Steel Funding Round
4. Verdagy Series B Announcement
5. Breakthrough Energy Catalyst Overview
6. InterContinental Energy Funding
7. Hy2gen Pipeline Acceleration
8. Supercritical Solutions Series A
9. EU Innovation Fund Allocation
10. IEA Global Hydrogen Review 2024
11. Shell Ventures HydoTech Investment
12. TotalEnergies Japan H2 Fund
13. Breakthrough Energy 2024 Investment Strategy
14. HYDGEN Seed Funding
15. Top Hydrogen Startups 2025
16. Hy24 Partners Portfolio
17. Breakthrough Energy Ventures
18. Global Hydrogen Investment Projections
19. EU Renewable Hydrogen Auction Results
20. Temasek Sustainability Report 2024
21. InterContinental Energy Partnership Announcement
22. OECD Hy24 Case Study
23. Breakthrough Energy Ventures Fund III