MoU covers development and funding of Fawley Green Hydrogen Project with the ambition to codevelop additional UK projects
On the eve of the UK-France Summit 2025, Hynamics UK, a 100% subsidiary of EDF Group specialising in low-carbon and renewable hydrogen production, and Hy24, the world’s leading low-carbon hydrogen asset manager, have signed a Memorandum of Understanding (MoU) to enter an exclusive partnership to pursue the development and funding of the Fawley Green Hydrogen Project. The Project has been shortlisted in the UK government’s Hydrogen Allocation Round 2 (HAR2) subsidy scheme. Hynamics and Hy24 are aiming to establish a broader partnership in the United Kingdom.
The agreement between Hynamics and Hy24 was formalised on July 8th, during the State visit to the UK of the French President. This Memorandum of Understanding (MoU) marks the beginning of exclusive negotiations with Hy24, through its Clean Hydrogen Infrastructure Fund, to develop and finance a £300 million hydrogen electrolytic production facility in Fawley, located in Hampshire, England. The project aims to supply green hydrogen to the ExxonMobil petrochemical complex as part of its decarbonisation strategy. In addition, Hynamics UK and Hy24 reaffirmed their shared commitment to accelerating the deployment of low-carbon hydrogen across the UK’s industrial sectors. They also expressed their intention to collaborate on a broader range of projects developed by Hynamics UK, aligning with the UK government’s ambitions for clean energy development.
The Fawley Green Hydrogen project: potential 100 000 tons of CO2/year saving initiative
Hynamics UK was shortlisted in April 2025 in the government’s HAR2 for its Fawley Green Hydrogen Project, to be located on land adjacent to the Esso Fawley refinery.
The project will consist of a 120 MW electrolyser participing in the decarbonisation of this national strategic infrastructure. Employing over 2500 staff and contractors, the ExxonMobil Fawley refinery is the largest complex of its kind in the UK, with 1 in 4 vehicles using Fawley road fuels and providing more than 20% of the UK’s aviation fuel, including a quarter of Heathrow’s need. This ambitious first-of-a-kind opportunity aims to reduce up to 100 000 tons/year of CO2 emissions by replacing heavy fuel oil and grey hydrogen with low-carbon hydrogen.
“I am delighted with this partnership with Hy24, which marks a new stage in the development of Hynamics' projects in the United Kingdom. This agreement is a continuation of the relationship of trust that has been built up over several years. Our MoU is in line with the Clean Industrial Strategy presented by the British Government in June and is a testimony to the potential for cooperation between industrial and financial players across the Channel.”
“The policy landscape in the UK is providing the certainty and clarity needed to enable decarbonization projects at the right scale and pace. We see this as a very positive signal and a strong opportunity for Hy24 to expand into the UK for the first time, alongside partners who are deeply committed to the energy transition. The reality is that leadership positions across the hydrogen value chain are being shaped now- and the UK has shown remarkable consistency and determination in this regard. In this context, Hynamics UK stands out as one of the most advanced players, and we are pleased to solidify our partnership with them to help accelerate the development of the UK’s hydrogen economy.”
Notes to editors
The UK-France Summit underlines the strategic importance of cooperation between UK and France in energy matters, including renewables and low-carbon hydrogen. The Summit follows France's revised National Hydrogen Strategy, adopted in April, that repositioned the nation as a major player in decarbonisation on a global scale. In addition, the UK government recently launched its new Industrial Strategy with hydrogen identified as playing a key role in the 10 year plan. This builds on the stable and consistent regulatory framework that the UK government has already put in place, that fosters investor confidence in clean hydrogen projects.
This move by Hy24 further complements Ardian’s long-term commitment to supporting the UK’s net-zero ambitions, building on recent strategic investments in sustainable growth in aviation (Heathrow) and green digital infrastructure (Verne).
About Hynamics
Hynamics is a subsidiary of EDF Group that offers a turnkey solution to the industrial and mobility sectors for the production, storage and distribution of low-carbon and renewable hydrogen, by ensuring investment in operation and maintenance of production and distribution facilities. Hynamics addresses the most CO2 emitting markets: industry, heavy mobility, and Sustainable Aviation Fuels (SAF).
It produces its hydrogen by electrolysis of water, a technology that does not emit CO2 when the electricity comes from decarbonated production means. Hynamics currently has 2 assets in operations, one in commissioning, and 2 in construction in France.
Hynamics UK, 100% affiliate of Hynamics, was created in September 2023 and formally launched early 2024, following the award in the first Hydrogen Allocation Round by its Tees Green Hydrogen Project, in Teesside (UK). Hynamics UK was also shortlisted for the Phase 2 (100 MW) of its Tees Green Hydrogen Project.
For more information, visit www.hynamics.com and Hynamics LinkedIn page
About Hy24
The world’s largest clean hydrogen infrastructure fund results from the initiative of Air Liquide, TotalEnergies and VINCI Concessions, combined with the one of Plug Power, Chart Industries and Baker Hughes, which were sharing a common objective to accelerate the development of the hydrogen sector with the launch of the “Clean H2 Infra Fund”.
The Clean H2 Infra Fund is managed by Hy24, a 50/50 joint venture between Ardian, a world leading private investment house, and FiveT Hydrogen, a clean hydrogen investment platform which enabled the gathering of the two initiatives. The fund has also attracted additional anchor industrial partners such as LOTTE Chemical, Airbus, and Snam, Enagás, GRTgaz (together as one Anchor partner) and anchor financial investors such as AXA, Crédit Agricole Assurances, CCR, Allianz, CDPQ, JBIC as well as other investors: Border to Coast Pensions Partnership, the CMA CGM Group, ERAFP, Nuveen, Ballard, Schaeffler, Société Générale Assurances, Groupe ADP, EDF, Norinchukin, Caisse des dépôts, DBJ, Itochu, Groupama and BBVA. The fund is now up and running with €2 billion of allocations.
With strong industrial and financial expertise at its core, Hy24 has a unique capacity to accelerate the scaling up of hydrogen solutions along the whole value chain: production, conversion, storage and supply and usage. Hy24 will support large early stage and strategic projects into becoming essential energy infrastructures. The infrastructure fund managed by Hy24 complies with Article 9 of the European regulation on sustainability related disclosures in the financial services sector (SFDR). Hy24 is an alternative investment fund manager regulated by the French Autorité des marchés financiers under the number GP-202171.
For more information, visit www.hy24partners.com and Hy24’s LinkedIn page