The €70m ($77m) investment will also be supported by an additional €40m ($44m) from existing shareholders including the likes of Air Liquide, Daimler Truck, Linde, Shell, and many more.

Hy24’s funding for the project also comes from its Clean H2 Infra Fund arm which the company says is, to date, the “world’s largest” hydrogen fund.

Read more: Hyundai becomes a shareholder in H2 Mobility
Read more: 12 Days of Content: H2 MOBILITY Deutschland

The aim of H2 Mobility is to create a hydrogen refuelling backbone that can enable the accelerated rollout of hydrogen mobility solutions across heavy, light, and medium applications.

In doing so, the group expects to expand its current over 90 stations across Germany so that it can attain its primary target of establishing its network to 300 stations by 2030.

If achieved this could be a pivotal development for the hydrogen mobility sector and see a wider adoption of fuel cell vehicles in the future.

It could also showcase on a global scale the benefits in using hydrogen refuelling and what investment in the sector can achieve potentially creating a domino effect in surrounding countries.

Nikolas Iwan, Managing Director of H2 Mobility, said, “Green Hydrogen will become a game changer on the journey to replace fossil fuels in transport and to reduce our dependency on extracting resources from our planet’s surface.

“I am excited that we can combine the skills of H2 MOBILITY with the significant capital raised in this round to accelerate the transition to green hydrogen in mobility and transport!”

Pierre-Etienne Franc, the CEO of Hy24, said, “H2 Mobility Deutschland is leading the way in developing the necessary European infrastructure for low-carbon intensive, and heavy mobility. Hydrogen is a crucial part of achieving the European Union’s Fit-for-55 plans, further reinforced by the recent REPowerEU proposal.

“Our investment alongside pioneers in this ecosystem also supports the European Commission’s efforts to implement the Alternative Fuels Infrastructure Regulation (AFIR) to greatly expand the European network of hydrogen refuelling stations.

“It fits perfectly with our ambition to be the catalyst for a hydrogen economy at scale – active across the system and value chain to effect real change for the planet.”