FRANKFURT – Germany’s fuel station network H2 Mobility announced on Tuesday it will receive 110 million euros (or $1121 million) more over five years in order to expand its infrastructure for fuel cells powered by hydrogen.

Hy24, the hydrogen investment platform Hy24, will pump 70 million Euros through Clean H2 Infra Fund. H2 Mobility’s seven existing shareholders will also contribute 40 million.

Europe is seeing green hydrogen in high demand. European Union ministers for the environment want to reduce truck CO2 emissions by at least a third from 2019, and that they do so by 2030.

In a technology battle for supremacy, battery powered trucks have dominated the market. However, it is expected that fuel-cell driven vehicles will become more prominent in long-haul segments.

H2 Mobility currently has investors from the industrial gases producers Air Liquide (OTC), Linde, (NYSE:), Daimler(OTC:), Truck, Hyundai Motor Co. Utility OMV as well oil companies Total Shell and Shell (LON.).

Nikolas Iwan is the managing director of H2 Mobility. He stated that money raised by H2 Mobility will help to grow the network fuelling stations, and then eventually become financially viable.

He said, “We have 92 stations. Some can service trucks today. All can also serve passenger cars and light commercial vehicles.”

He said, “The next thing is to build stations with greater refuelling capacities to prepare for the anticipated ramp-up in intensive use vehicles (in particular buses and trucks) due to come from auto manufacturers.”

Iwan stated that H2 Mobility wanted to be profitable in 2026 because anchor customers will bring more volume.

Hy24, which is a joint venture of Ardian private equity and major energy, financial and chemical firms grouping in FiveT Hydrogen Investment Platform, is Hy24.

($1 = 0.9118 euros)