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German hydrogen firm TES may consider listing in two years

·1-min read

MILAN (Reuters) - German hydrogen company Tree Energy Solutions (TES) could consider going public in a couple of years, buoyed by success in selling LNG capacity as well as long-term contracts for hydrogen, Chief Executive Marco Alverà told Reuters.

TES, backed by Belgian firm AtlasInvest, recently announced it will manage Germany's fifth floating storage and regasification unit (FSRU) together with E.ON Green Gas and Engie at Wilhelmshaven.

Beside the management of liquefied natural gas (LNG) infrastructures, TES offers new technologies involving using hydrogen to produce synthetic methane. [L8N2Y13G3]

A hydrogen supply network could boost Europe's energy security at a time the bloc is seeking to cut its reliance on Russia's pipelined natural gas, but requires investments.

"We are working today to sell LNG capacity and, at the same time, to sell hydrogen to have long-term contracts and it is going very well," said Alverà, who was previously the chief executive of Italian gas grid operator Snam.

"In a couple of years we could consider a market listing," he said, adding that it considered North America the most "interesting" market for an energy group that wants to go public.

"It is too early to talk about details but we are looking with great interest at the United States," he said.

On Wilhelmshaven, Alverà said the fifth FSRU would start working by October or November 2023 to create a new entry point to supply gas to Germany, which until now has been largely dependent on Russian gas flows coming through the Nord Stream 1 pipeline.

(Reporting by Francesca Landini, editing by Deepa Babington)