Zodiac Maritime, others invest in TES to accelerate energy transition

Tree Energy Solutions (TES), a Belgium-based green hydrogen company, has concluded its second fundraising round at €65 million ($66.2 million).

tes
Source: TES

As informed, the new capital will enable TES to accelerate the clean energy transition by building ‘the world’s largest’ hydrogen projects by 2030.

The fundraising attracted the UK-based ship management company Zodiac Maritime, Germany-based energy company E.ON and banking institutions HSBC and UniCredit.

TES is developing a green energy hub in the German port of Wilhelmshaven, with the goal of supplying 250TWh of green gas annually.

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The strategy is to develop similar hubs in other European ports that will enable TES to offer affordable green hydrogen, green gas and green power in volumes that will significantly contribute to the decarbonisation of global energy markets.

For TES, this involves introducing a circular carbon economy to the hydrogen market by using technologies to combine hydrogen with CO2 to produce synthetic methane. The company will import green hydrogen and synthetic methane from countries with renewable rich energy generation in order to help diversify Europe’s energy supply. Existing pipeline infrastructure can facilitate cost-effective delivery to end users.

TES is already scaling up the production of 5.5 million tons of reliable on-demand green hydrogen in its European Green Energy Hub at Wilhelmshaven, as part of the company’s commitment to achieving carbon neutrality using renewable energy sources while at the same time contributing to energy security solutions.

The company is also developing additional energy supply and import hubs in Germany, Belgium, the Netherlands, France, Middle East, Canada and the United States, integrating and optimising global supply chains.

“We are excited to announce this milestone on our journey to deliver green, affordable hydrogen. This newly raised capital will be used to bring us to FID by end of 2023. Our sustainable business model has attracted the interest of world-class industrial and financial players, demonstrating the growing appetite for renewable natural gas,” Marco Alverà, CEO of TES, said.

“The ramp-up of a functioning hydrogen economy must have in our days even more priority in Germany and Europe. The deepening of our partnership with TES is a next step on the way to a sustainable energy landscape while ensuring security of supply. Without the use of green gases such as hydrogen, it will be impossible to completely avoid CO2 emissions,” Patrick Lammers, COO of E.ON, noted.

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“Zodiac Maritime and OG Energy are excited to be founding investors in TES Energy. We look forward to scaling hydrogen as a green and sustainable energy source for the future,” Daniel Ofer, CEO of Zodiac Maritime, commented.

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