This new capital will enable TES to accelerate the clean energy transition by building the world’s largest hydrogen projects by 2030. The fundraising attracted a global investor base comprising leading financial institutions and international energy corporations including E.ON, HSBC, UniCredit, and Zodiac Maritime.

TES is developing a green energy hub in the German port of Wilhelmshaven, with the goal of supplying 250 TWh/y of green gas. The strategy is to develop similar hubs in other European ports and TES will 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 the cost-effective delivery to end users.

TES is already scaling up the production of 5.5 million t of reliable on-demand green hydrogen in its European Green Energy Hub at Wilhelmshaven. TES is committed 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, the Middle East, Canada, and the US, integrating and optimising global supply chains.

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.”

Noel Quinn, CEO of HSBC, said: “Delivering on the huge promise of green hydrogen and other clean energy solutions is critical to achieving a net zero global economy. It will be equally important to ensuring there is a secure and affordable energy supply. We are therefore pleased to be partnering with TES on this ambitious project, which covers a number of HSBC’s markets and can positively impact our customers.”

Andrea Orcel, CEO of UniCredit, said: “ESG considerations are fundamental to every investment decision we make and our participation in Tree Energy Solutions’ latest funding round is excellent proof of this and of our continued commitment to sustainability. Renewable and low carbon hydrogen play a key role in the EU Taxonomy and will be integral to both accomplishing the objectives set out in the European Green Deal and facilitating Europe’s clean energy drive. As an active member of the European Clean Hydrogen Alliance and prominent financier of the sector, we are delighted to partner with TES in this transition.”

Patrick Lammers, COO of E.ON, 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.”

Daniel Ofer, CEO of Zodiac Maritime, said: “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.”

MW&L Capital Partners acted as exclusive financial advisor and placement agent to TES. Burggraaf & Hoekstra acted as legal advisor to TES.