Memorandum of Understanding between Hy2gen AG and SAF+ Consortium

The two companies will work together to develop projects in the green hydrogen industry segment, particularly with the aim of producing Sustainable Aviation Fuels.The two companies will work together to develop projects in the green hydrogen industry segment, particularly with the aim of producing Sustainable Aviation Fuels. The first project is located in Québec/Canada.

Hy2gen AG successfully raised investor funds of 200 million euros at the beginning of the year. This capital will be used to build plants worldwide that produce synthetic fuels based on green hydrogen. Commonly known as "e-fuels", these energy carriers have the potential to decarbonise shipping, aviation, road transport and large parts of industry. This investment, which is the largest mobilisation of private funds to date for the green hydrogen segment, is largely made by Hy24. The Caisse de dépôt et placement du Québec (CDPQ) is a partner and strategic investor.

SAF+ Consortium can also draw on a number of well-known partners in the aviation value chain. These include the renowned aircraft manufacturer Airbus, Air Transat, purchaser of clean fuel for its own fleet, ADM Montreal Airport, facilitator of the transport of e-fuels to YUL Aéroport international Montréal-Trudeau, and Aéro-Montréal, Québec's aerospace cluster.

Cyril Dufau-Sansot, CEO of Hy2gen and President of Hy2gen Canada, says: "Hy2gen believes that hydrogen-based renewable fuels are a perfect short-term solution for decarbonising entire mobility industries such as the aviation sector. We welcome the partnership agreement with SAF+ Consortium, which will allow us to not only help Québec meet its 2030 greenhouse gas targets, but also to lead the way."

Jean Paquin, CEO of SAF+ Consortium, says: "The alliance between our two companies lays the foundation for Québec to lead the green hydrogen industry and build a strong renewable fuels industry to decarbonise the aviation sector."

Source: Hy2gen, Photo: Fotolia