Having attracted a global investor base including leading financial institutions and energy corporations such as, E.ON, HSBC, UniCredit, and Zodiac Maritime, the company hopes the funds will bring them closer to reaching a final investment decision (FID) by the end of 2023.

TES is currently developing a green energy hub at the German port of Wilhelmshaven, with plans of supply 250Twh of green gas annually, with a strategy to develop similar hubs in other European ports to offer affordable green hydrogen, gas and power.

Read more: TES Wilhelmshaven hydrogen important terminal gains market interest

Commenting on the fundraising results, 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, commented, “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.”

H2 View understands MW&L Capital Partners acted as exclusive financial advisor and placement agent to TES in the fundraising round, with Burggraaf & Hoekstra acting as legal advisor to the green hydrogen firm.

Andrea Orcel, CEO of UniCredit, added, “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.”