Hy24 and Mirova are co-investing in Elyse Energy’s most advanced e-methanol projects in France and Spain, with industrial commissioning scheduled for 2027 and 2028.
Nomura Greentech acted as exclusive financial advisor to Elyse Energy. Legal advisors included CLP – Cliperton Avocats for Elyse Energy and Gide for Hy24 and Mirova, the companies said in a news release.
Hy24 is the hydrogen-focused wing of French private equity firm Ardian and Mirova is an affiliate of Natixis Investment Managers. The firms have undertaken the equity investment through their respective funds – the Hy24 Clean Infrastructure Fund and the Mirova Energy Transition 5 fund.
The transaction was carried out through convertible bonds, and Mirova and Hy24 are not shareholders of Elyse Energy, a spokesperson said in response to follow-up questions.
Additional terms of the transaction were not disclosed.
The money will allow Elyse Energy to recruit new employees and to continue development through feasibility studies, the industrialisation phase, and beyond.
Elyse’s eM-Rhône project, awarded by the European Innovation Fund, is targeting production of 150,000 mtpy of green e-methanol annually for the maritime sector and industry. The BioTJet project in Pyrénées Atlantiques, France is in advanced stages with annual production set at 75,000 mtpy of e-biokerosene and 3,000 mtpy of naphtha..
The company will deploy some 2.5 GW of installed capacity (1m mtpy) of e-methanol and 200,000 mtpy of SAF. The fuels will go to offtakers in aviation, maritime transport, and industrial processes in sectors such as chemicals.
