International electro-fuels (eFuels) project developer ETFuels has announced that it has secured a "significant investment" from SWEN Impact Fund for Transition 2 (SWIFT 2), a European impact strategy dedicated to renewable gas infrastructure managed by SWEN Capital Partners.
ETFuels has developed a unique production model that combines vast renewable energy farms with green fuels production facilities.
The capital injection from SWEN Capital provides ETFuels the opportunity to accelerate towards its 2030 goal of 1.4 million tonnes of green methanol production for the shipping industry and other end-markets, positioning the company as a leading Pan-Atlantic producer of green fuels.
According to the company, this model unlocks renewable energy, allowing ETFuels to produce green fuels in a more cost-competitive, scalable, and sustainable way for their shipping customers, delivering up to a 91 percent reduction in emissions compared to heavy fuel oil (HFO).
With the costs of carbon capture, renewables, and electrolyzers continuing to fall, ETFuels will play a crucial role in decarbonizing shipping. To enable our vision of energy transition at hyperscale we are delighted to have SWIFT 2 join our existing investor base. SWIFT 2 has demonstrated a pioneering focus on investing in green molecule opportunities since 2019, and we value the trust they have shown in our team. We believe in energy transition at hyperscale: no more talking and pilots, but straight to delivering commercial decarbonisation of heavy industry, and huge environmental impact. The world needs genuinely green projects – now – more than ever, said Lara Naqushbandi, CEO of ETFuels.
To help drive ETFuels’ industrial scale-up in both Europe and the US, the company has also recently made key additions to its leadership team, including Patrick Woodson, former CEO and Chairman of E.ON Climate & Renewables, and Paulo Amante, a 25-year renewable energy veteran with experience at Airtricity, RES, and Island Renewables.
Decarbonising the hard-to-abate sectors such as heavy transport has been our mission since 2019. We are strong believers in the ETFuels team’s ability to deliver an ambitious pipeline of projects to decarbonize the shipping industry. We are delighted to team up with ETFuels, which has assembled strong expertise under Lara Naqushbandi’s leadership and is leading the way in sustainable shipping fuels, said Olivier Aubert, Managing Director at SWEN Capital Partners.
Green Giraffe Advisory acted as the financial advisor on the transaction, delivering its full suite of fundraising services to the ETFuels team, including preparation of market launch materials, a dedicated financial model and related valuation analysis, outreach to a comprehensive list of relevant investors, and negotiation of the transaction documents.
A&L Goodbody LLP acted as legal advisors.
ETFuels is currently taking pre-orders for green methanol.
The shipping industry has displayed clear demand signals for green methanol. ETFuels is delighted to heed this call and to deliver competitively priced, scalable, and sustainable fuel for our customers. We understand the decarbonisation challenges faced by the shipping industry are significant, with question marks over pricing and supply availability at scale, and we are addressing these head-on. Decarbonisation needs to make commercial sense to all parties involved, and this concept is enshrined in our core value of sharing benefits across the value chain. For us, this is purely the beginning: the beauty of our model is the ability to replicate and scale the model across multiple end-products and supply chains to ultimately deliver decarbonisation at hyperscale, concluded Lara Naqushbandi.
