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Trafigura-Backed Startup Seeks $240 Million for Green Fuel Plan

  • Hy2gen to use funds for six green ammonia, e-fuel projects
  • Nomura Greentech is advising the group on its capital increase
France has passed legislation calling for a rising proportion of renewable jet fuel use.

France has passed legislation calling for a rising proportion of renewable jet fuel use.

Photographer: Kristian Bocsi/Bloomberg

Hy2gen AG, a German startup partly owned by oil trading giant Trafigura Group, aims to raise at least 200 million euros ($240 million) this year to launch the construction of six plants that will produce renewable aviation and marine fuels.

Projects to make green ammonia and other so-called e-fuels with clean hydrogen are rising in Europe and around the world as regulators, investors and consumers push airlines, shippers and other transportation companies to reduce carbon emissions over growing concerns about global warming.