E.ON, Zodiac Maritime invest in TES

Belgium-based TES, the developer of an LNG and hydrogen hub in Wilhelmshaven, said it has secured 65 million euros ($66.3 million) from investors, including from German energy firm E.ON and Eyal Ofer’s shipping company Zodiac Maritime.

TES said in a statement it raised the cash via its second fundraising round which also included financial institutions HSBC and UniCredit.

The firm said this capital would enable it to accelerate the “clean energy transition by building the world’s largest hydrogen projects by 2030”.

TES is developing a “green energy hub” in the German port of Wilhelmshaven, with the goal of supplying 250 TWh of gas annually.

According to TES, the strategy is to develop similar hubs in other European ports.

“We are excited to announce this milestone on our journey to deliver green, affordable hydrogen, Marco Alvera, CEO of TES, said in the statement.

Alvera said that TES would use this newly raised capital to “bring us to FID by end of 2023”.

In June, the firm said that about 25 parties have shown interest in booking capacity at the planned Wilhelmshaven hub following a non-binding expression of interest.

TES offered a terminal capacity with base services of up to 20 bcm per year.

The terminal at Wilhelmshaven will be incorporated separately and branded as the AvantHy terminal.

It will offer the capacity to import green hydrogen and green gas over time, as well as the opportunity to support Germany’s energy security of supply by receiving LNG imports before switching to green gas, according to TES.

To remind, E.ON recently said that it joined forces with TES and France’s Engie to deploy an FSRU in Wilhelmshaven.

Before revealing this FSRU project, TES and E.ON signed a deal in March to import green hydrogen into Germany via the planned Wilhelmshaven hub.

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