• One of EET Fuels' projects is to build Europe’s first hydrogen-powered combined heat and power plant.
• The company is setting global standards for decarbonisation in the industrial sector.

EET Fuels, a leading company playing a larger role in decarbonising the UK economy, has received $350 million to support its decarbonisation and sustainable energy plans.

EET Fuels, part of Essar Oil (UK), has raised $150 million from Afreximbank and additional funding from an international oil company in new financing. This comes on the heels of the company having received $650 million from ABN AMRO Bank and other financial partners in October last year.

The company is energetically working on its plans to cut carbon emissions by 95% and transform the Stanlow refinery in Chester, UK, which produces about 16% of the country's transport fuels, into a hub for clean energy innovation.

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To achieve this goal, it has to successfully carry out projects such as industrial carbon capture, producing low-carbon hydrogen, and constructing Europe’s first hydrogen-powered combined heat and power plant.

The new financing will cement EET Fuels' ESG goals, build partnerships with existing and new partners, and open up opportunities in new markets. It also shows investors' confidence and trust in the company's ability to drive carbon emission reduction goals.

Satish Vasooja, Chief Financial Officer at EET Fuels, said: “We’re leading the energy transition, and our ambition is to become the world’s first low-carbon refinery. This new facility with Afreximbank, further diversifying our sources of finance and establishing new relationships, supports our ongoing transformation and showcases market confidence in our energy transition strategy.”

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Source: EET Fuels