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 airplanes.

E-fuel manufacturer Hy2Gen wants to raise at least 200 million euros this year, founder Cyril Dufau-Sansot announced in an interview with Bloomberg. The Wiesbaden-based start-up wants 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 amounts to 1.5 billion euros. Together, they will have an electrolysis capacity of one gigawatt to produce clean hydrogen. The demand for renewable fuels will increase in the coming years for both ships and aircraft.

Hy2Gen was founded in 2015. The start-up is partly owned by the Dutch commodity trading company Trafigura. Hy2Gen is currently building its first plant in the south of France to 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."