The editorial team advises you
The editorial team advises you
The editorial team advises you
Two were already supporting the company in its development: Hy24, the world's leading private asset manager focused on the hydrogen economy, and Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment.
Two others join them: PGGM, a major manager of Dutch pension funds, and Bpifrance, the public investment bank, a major player in France in reindustrialization and the ecological and energy transition of companies.
The founders remain in the majority
“The five founding partners of Elyse Energy retain majority control,” Pascal Pénicaud tells us, however, without specifying the distribution of capital. But this new, “strategic” financing marks a turning point in the industrial adventure of the Lyon company.
“This is a major operation for us” even affirms the manager who sees in this commitment “a message of confidence” and a “recognition” of the work already carried out.
More prosaically, it is above all the means of having the necessary funds to develop current projects “until the final investment decision”. That is to say until the moment when Elyse Energy decides on the viability and future of this or that project.
Pascal Pénicaud is the CEO of Elyse Energy.
Archives Pierre-Olivier Julien
It must be said that this SME, as we wrote, has launched large-scale industrial projects “to meet the growing needs for decarbonization in the chemical and air and maritime transport sectors”.
Here, we obviously know E-CHO, which plans the establishment of three factories, HyLacq in Mourenx, for the production of hydrogen, eM-Lacq in Lacq for the production of e-methanol, and BioTJet in Pardies for the production of e-biokerosene. Planned investment: 2 billion euros.
But there is also eM-Rhône (e-methanol) for 700 million euros, eM-Numencia in Garray in Spain (e-methanol) for 300 million. And two other projects in the port area, less advanced, in Fos-sur-Mer with NeoCarb, for more than a billion, and GreenCoast in Montoir-de-Bretagne (financing not specified at this stage).
Capital requirements covered
“This fundraising secures the progress of these costly projects. We now cover 100% of our capital requirements to reach the final stage,” explains Pascal Pénicaud. At the same time, the company also negotiates with banking players, while the share of public subsidies should be “marginal.” Our model is to first mobilize private capital.”
Concerning E-CHO, the final investment decision is scheduled for 2026. Before that, obviously, there will be several other steps to take for the Béarn projects.
Elyse Energy tells us that it has already invested nearly 20 million euros, “a lot in studies which allowed us to work on all aspects of the project. We also have an important meeting with the ongoing consultation monitoring committee on December 12 to present in particular the results of the studies on the biomass part,” notes the CEO. Biomass which is one of the highly discussed points along with the use of water or the need for electricity.
“We are also continuing the engineering studies with a view to submitting an environmental authorization request (DAE) in the course of 2025” informs the manager who still intends to commit an envelope of 100 million for E-CHO before the final investment decision .
A revised calendar
At this stage, Elyse Energy has not specified whether further adjustments will be made to the project, as was the case last April. One certainty: a time announced for 2028, the start-up of the factories is now planned for 2029, after three years of construction, and periods of testing and ramp-up.
“Our customers' demand is to be able, by 2030 at the latest, to meet the European obligation to decarbonize heavy transport. And our goal is to be there. We are on time,” assures Pascal Pénicaud.
Elyse Energy says it is working on the success of this project for the Béarn region, “and I am not giving up on convincing all audiences, including the most reluctant or cautious” adds the CEO, recalling the consultation times which will still take place on next weeks.
Why these investors said yes to Elyse Energy
As the energy transition accelerates, the Lyon SME is placing itself at the heart of the game with its sustainable fuel production projects. “The place of these molecules in our future energy mix and for our industries is central. These will allow France to position itself as a strategic player at the heart of the European energy hub. We are proud to support entrepreneurs like Elyse Energy and the development of projects participating in the common effort towards greater energy sovereignty” reacts Pierre-Etienne Franc, co-founder and general director of Hy24. “E-methanol and sustainable aviation fuels are indeed becoming essential links in the transition to more sustainable transport and industry. To achieve this, a solid infrastructure must be developed,” agrees David Jerez Antoni, associate director at PGGM Infrastructure. Samuel Waddell, investment director at Bpifrance, adds that Elyse Energy “has been able to develop a diversified portfolio of projects for the production of low-carbon molecules aimed at several key sectors of the industry such as transport and chemistry. We are very proud to support this industrial SME and its projects which respond to the challenges of reindustrialization, sovereignty and decarbonization.” Anne-Laure Messier, investment director at Mirova, also welcomed “this decisive step” for this “new phase of growth”.
