World News
Hy2gen Secures $53 Million Funding for E-Fuels Projects
Renewable fuels developer Hy2gen has raised an additional €47 million ($53 million) from existing shareholders to fast-track its portfolio of e-fuels projects.
The new funding will support the advancement of Hy2gen's renewable hydrogen and clean fuel projects across Europe, Canada and South America, the firm said in a statement on its website on Tuesday.
The projects are currently in the pre-Final Investment Decision (FID) stage and will use the capital to prepare for the construction phase.
Hy2gen's most advanced projects total around 2 GW of planned electrolysis capacity and will require over €5 billion in investment by 2027.
These include a €2 billion, 300 MW ammonia plant in Canada; an expanded hydrogen facility in Germany; a 200,000 mt/year renewable ammonia project in Norway; and a 390 MW e-SAF project in France's Fos-Marseille region, developed with H2V.
The e-fuels produced from these projects will be used for sectors such as shipping and aviation.
Over the past few years, the company has been actively raising capital to bring its projects to life. While significant funding is still needed, this latest investment marks a key step in moving several major developments from the planning stage to construction.
"The demand for renewable hydrogen and hydrogen derivatives is growing with the long-term economic need to decarbonize industries," Cyril Dufau-Sansot, CEO of Hy2gen, said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 523.50 | 6.50 | 613.00 | 6.00 |
| Rotterdam | 472.50 | 2.50 | 630.50 | 4.50 |
| Houston | 468.00 | 2.50 | 619.50 | 4.50 |
| Fujairah | 520.00 | 13.00 | 724.00 | 10.50 |
| Global 20 Ports Average | 539.00 | 1.00 | 720.00 | 3.00 |
| Global 4 Ports Average | 496.00 | 3.00 | 647.00 | 1.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 765.00 | 3.00 |
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