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The Canada Pension Plan Investment Board and hydrogen project developer Power2X are forming a long-term investment partnership aimed at advancing Power2X’s role in the global clean energy transition.

The partnership plans to invest an initial €130 million to accelerate the growth of Netherlands-based Power2X as a development platform and fund green molecule projects. The investment supports the company’s mission to become a long-term developer, owner and operator of next-generation energy assets with a focus on green hydrogen and other clean molecules such as green methanol and ammonia, according to a press release.

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“Investing in Power2X is fully aligned with our ambition to play a leading role in the energy transition,” said Bruce Hogg, managing director and head of sustainable energies at the CPPIB, in the release. “The need for industrial decarbonization is increasing rapidly and green molecules have a vital role to play in meeting these demands, whether to create alternative fuels, hydrogen or renewable feedstocks such as green ammonia.”