HYCAP Group, the UK-based net zero asset management company with clean hydrogen at its core, announced the opening of an office in Abu Dhabi Global Market (ADGM) to support its strategic expansion to the region.
At a private event during Abu Dhabi Finance Week, HYCAP Group also revealed plans for a UAE-based GCC Fund that will invest in companies serving the net zero energy transition and clean hydrogen supply chain.
As GCC governments race to decarbonise their economies, clean hydrogen is emerging as a central pillar in their climate mitigation efforts.
Recognising the essential role that green hydrogen, sourced from renewable energy, can play in attaining net zero goals, HYCAP Group is committed to accelerating the adoption of carbon-free fuel in high-emitting sectors, a media statement issued on behalf of the company said.
HYCAP Group: Global Hydrogen Vision
Commenting on HYCAP Group’s expansion to the UAE, Arvind Ramamurthy, Chief Market Development Officer, ADGM said HYCAP Group’s entry into the Abu Dhabi Global Market underscores the capital’s position as a leading centre for climate finance.
“Initiatives like HYCAP Group’s investment platform are crucial for enhancing Abu Dhabi’s strategic position in the hydrogen sector and setting us on a clear path to become a top global producer,” Ramamurthy said.
Replicating the success of its first UK Fund, HYCAP Group’s investment approach is focused on matching hydrogen supply with emerging demand to foster rapid market growth.
Jo Bamford, Chairman and Founding Partner of HYCAP Group, said the group’s venture into the UAE is a strategic decision to place HYCAP Group at the nexus of the world’s emerging green hydrogen hubs.
“Under its visionary leadership, the UAE is spearheading the worldwide push towards clean and renewable energy. We are committed to supporting these initiatives by catalysing the hydrogen market. This includes establishing manufacturing clusters that can foster the necessary innovation, collaboration and demand needed for sustainable industrial growth,” Bamford said.
Investing across the hydrogen value chain, HYCAP portfolio companies include: Wrightbus which manufactures EV and Hydrogen Buses; Ryze which transports and distributes green hydrogen; Hygen, a hydrogen production facility; Liquid Wind, a green electrofuel development company; and Yamna, a global green hydrogen platform.
HYCAP Group’s entry into the region is seen to be very timely as it comes at a time when both the UAE and Saudi Arabia are laying robust foundations for leading the global hydrogen market.
The UAE’s National Hydrogen Strategy aims to make it a top 10 producer of green hydrogen by 2031 with an output target of 1.4 million tonnes per year.
Similarly, Saudi Arabia’s National Hydrogen Strategy is targeting over $36 billion in investments by 2030, and includes the construction of the world’s largest green hydrogen plant in NEOM.
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