group of operating partners who are senior experts in different segments of the hydrogen value chain. Investing in hydrogen implies dealing with a nascent industry in the interest of reducing carbon emissions at massive scale. Hy24 has developed a unique investment strategy that is perfectly adapted to the hydrogen sector. First, we accept a high initial development risk and invest in developing companies. For this Hy24 only invests when it can secure a strong downside case premised on a conservative entry valuation, strong fundamentals (such as access to cheap renewable electricity sources) and sufficient governance to ensure it can control key investment decisions on large capex. In addition we can use financial instruments that help to reduce development risk, such as convertible bonds or preferred shares. Then we accept that there is not yet a generalized structured commodity market for hydrogen, but that there are niches and a demand that is gradually being structured. Projects which have already advanced negotiations on offtake will be privileged. Finally, we do consider the need to scale up and switch quickly to low- An article by carbon assets if we want to respect the terms of the Paris Climate AMIR SHARIFI Agreement. This means selecting players who have a real capacity to scale up quickly. We are in the decade of hydrogen, Senior Managing Director, Energy Transition Lead at Ardian and we see and will see numerous early infrastructure projects. and Chief Investment Officer at Hy24 Hy24 was created to bring them to maturity stage. 43