TES raises €65m for accelerating circular carbon economy model for European H2 market
Green hydrogen firm Tree Energy Solutions (TES) has announced its successful second fundraising round worth € 65m. The new capital will enable TES to accelerate the clean energy transition by building the world's largest hydrogen projects by 2030, according to the Belgium-headquartered company.
The fundraising has attracted a global investor base comprising leading financial institutions and international energy corporations including E.ON, HSBC, UniCredit and Zodiac Maritime. Proceeds from the raise will be used to accelerate the development of TES's proprietary circular carbon economy model for the hydrogen market, the company said.
Marco Alverà, CEO of TES, said, "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. TES is now further progressing to become an agent of change, driving this revolution."
At present, TES is developing a green energy hub in the German port of Wilhelmshaven, with the goal of supplying 250 TWh of green gas annually. The strategy is to develop similar hubs in other European ports, by which TES aims to supply affordable green hydrogen in large volumes that will significantly contribute to the decarbonization of global energy markets.
The company says that this strategy involves introducing a circular carbon economy to the hydrogen market by combining hydrogen with CO2 to produce synthetic methane. Accordingly, TES will import green hydrogen and synthetic methane from countries with renewable energy rich generation in order to help diversify Europe's energy supply.
TES claims that the existing pipeline infrastructure can facilitate the cost-effective delivery to end users. It 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.
The company is also developing additional energy supply and import hubs in Germany, Belgium, the Netherlands, France, Middle East, Canada and the United States, thereby claims to influence global supply chains.