Major Investment Announcement
Verso Energy revealed on Friday its ambitious plan to establish a green synthetic fuel production unit for aviation in Épinal.
The project, which includes an investment of one billion euros by 2030, is part of a broader strategy that encompasses three additional sites across France.
This initiative, following a land purchase agreement signed at the end of June, is expected to generate “250 direct and indirect jobs,” according to Antoine Huard, the CEO of the French company, during a press conference.
National Expansion Plans
The Épinal project is one of four planned facilities in France, with other locations in Tartas (Landes), Saillat-sur-Vienne (Haute-Vienne), and near Rouen. Huard highlighted that each site will require a “comparable investment,” totaling “4 billion euros.”
Unlike traditional kerosene, sustainable aviation fuels (SAF) are derived from non-fossil resources and are intended to partially replace conventional aviation fuels.
Production Process in Épinal
At the Épinal site, Verso Energy plans to produce SAF by combining hydrogen obtained through electrolysis (water and electricity) with CO2 “emitted from biomass by nearby industries,” primarily the Norske Skog paper mill.
Similar to the Épinal project, the initiatives in Tartas and Saillat-sur-Vienne will also leverage proximity to paper mills for their biomass resources.
Company Background and Funding
Founded in 2020 by Antoine Huard and Xavier Caïtucoli, former owner of Direct Énergie, Verso Energy is confident in securing the necessary market outlets and financing for these projects.
The 2023 European regulation “ReFuelEU Aviation” mandates a gradual increase in the incorporation of SAF, reaching up to 35% by 2050 for fuels available to airlines at EU airports.
The initial requirement of 1.2% by 2030 is “small” but represents “significant volumes,” suggesting that “by 2030, the challenge will be producing enough with four sites, rather than too much, to avoid the need for imports,” Huard argued.
Financial Backing
Verso Energy benefits from the 2.5 billion euros generated by Xavier Caïtucoli’s sale of Direct Énergie to TotalEnergies in 2018, along with 50 million euros raised directly by the company.
“This amount is sufficient to finance the current study phase,” Huard explained, adding that they will “turn to banks” for production investments “when the time comes.”