Hy2Gen needs 200 million euros for renewable fuels

The Wiesbaden-based start-up wants to build six plants that can produce e-fuels for ships and aircraft.

E-fuel manufacturer Hy2Gen plans to raise at least €200 million this year, founder Cyril Dufau-Sansot announced in an interview with Bloomberg. The Wiesbaden-based startup plans to use the money to build six plants that can produce sustainable fuels. "We are looking for a combination of financial and strategic investors" to take a minority stake in Hy2gen, Dufau-Sansot told Bloomberg. The founder sees engineering groups, independent power producers and energy companies as potential investors.

The six plants will be built in Germany, Norway, France and Canada. The total investment is €1.5 billion. Together they will have an electrolysis capacity of one gigawatt to produce clean hydrogen. For both ships and aircraft, the demand for renewable fuels will increase in the coming years.

Hy2Gen was founded in 2015. The start-up is partly owned by Dutch commodity trading company Trafigura. In the south of France, Hy2Gen is currently building its first plant that will supply ships in the Mediterranean region with green ammonia. To this end, the Wiesbaden-based company is building a pipeline with a capacity of ten gigawatts. "With Trafigura, we want to build a global distribution network for green ammonia on the most important sea routes," Dufau-Sansot tells Bloomberg. "With a project pipeline of more than ten gigawatts, we will need further capital increases in the future."