Zhero Press Release
Zhero closes an investment round with Azimut, Baker Hughes, TotalEnergies and UniCredit for the development of its green projects in Europe and Africa
April 24th, 2024 - Zhero, a global developer of large scale clean energy projects, has successfully concluded its second fundraising round with an upsized raise of €60 million to accelerate the development of its green energy projects attracting highly experienced industrial and financial investors.
Azimut, Baker Hughes, TotalEnergies and UniCredit invested in Zhero Europe, Zhero’s operating platform dedicated to develop large scale renewable energy projects in Europe and Africa, bringing a comprehensive breadth of knowledge, global presence and resources. As part of the transaction, Zhero Europe and TotalEnergies have also signed a preliminary agreement for a minority investment, subject to completion conditions, of TotalEnergies in Medlink Tunisia, the company developing a new interconnection between Tunisia and Northern part of Italy including dedicated renewables generation in Tunisia.
“We welcome our new strategic partners who have decided to back our ambition to bring abundant, affordable clean energy from the best producing locations to the large consuming markets. Specifically, our Medlink project, which is on track, will provide Europe with large scale affordable renewable energy, along with new infrastructure to improve security of supply,” stated Alessandra Pasini, CEO of Zhero Europe.
About Zhero Europe Zhero Europe is focusing on three core businesses: 1) electric interconnectors with dedicated renewable generations, such as Medlink, the project encompassing the modular development of new dedicated renewables at scale in Algeria and Tunisia bringing electricity to the northern part of Italy via a series of bi-polar HDVC cables. The project is part of the Piano Mattei promoted by the Italian government, is included in EU Entso-e TYNDP and, as a private project, will bring benefits in terms of contributing to lower average cost of electricity, reduction of CO2 emissions and contributing to a greater diversification of import supply for the European market at a time when Central Europe is facing phase out from nuclear, coal, lignite and over time reduction from gas fired plants; 2) large scale utility batteries where Zhero Europe is developing more than 1GW in Italy at different phases of development. 3) green molecules, such as a large scale green ammonia project in Namibia near Walvis Bay.
For information contact: media@zhero.net
TotalEnergies, Baker Hughes, Technip Energies, Azimut and other investors to invest in Zhero Europe's Green Energy Expansion
August 3rd, 2023 –TotalEnergies, Baker Hughes, Technip Energies, Azimut (through the fund Azimut ELTIF – Infrastructure & Real Assets ESG) and other investors have signed preliminary agreement to invest in Zhero Europe in order to develop large scale renewable energies projects in Europe and Africa spanning across renewable power generation, power interconnections and green molecules.
Zhero Europe was founded with the vision that large integrated projects, including generation from high quality wind and solar resources, and captive long-distance exports, would be the most effective way to accelerate the energy transition in high demand areas.
Zhero Europe is controlled by Zhero, which was founded by Marco Alverà, Paddy Padmanathan, Alessandra Pasini and Enrico Vitali at a time when a new generation of renewables are positioned for massive scale-up. The company is developing and will operate green energy production and infrastructure projects in the US, Europe, Middle East and Africa.
With this round of financing, Zhero Europe will advance the development of its project portfolio, leveraging the world class expertise of its new investors.
Paddy Padmanathan and Alessandra Pasini, respectively Chairmain and CEO of Zhero Europe commented: “We are thrilled to welcome new investors who share our ambition to accelerate the energy transition by delivering large scale bankable projects that will inspire others to follow. Green energy is already cheaper than fossil fuels in many countries and we need to accelerate project development and construction to mitigate the growing gap between climate action and climate ambition. There is no time to lose.”
Stephane Michel, President Gas, Renewables & Power at TotalEnergies said: “Zhero Europe’s bold ambition is to bring abundant, affordable and clean energy from the best producing location to the large consuming markets and notably from North Africa, to Europe. We welcome the opportunity to join forces with Zhero Europe and its other investors to support the development of those pioneering projects for the mutual benefit of Europe and Africa.”
“We are pleased to support Zhero Europe’s endeavors to more quickly deliver sustainable energy, aligning with Baker Hughes’ purpose to help take energy forward -- making it safer, cleaner and more efficient for people and the planet,” said Baker Hughes CEO and Chairman Lorenzo Simonelli. “Collaboration remains critical to realizing a future in which energy is secure, sustainable, and affordable, especially as we focus on New Energy technologies and projects achieving scale in this decade.”
Green-energy company Zhero today announces it has attracted three world leading climate investors to support its first net 5GW of flagship low-cost renewable energy projects.
These projects will accelerate the energy transition at a time of acute energy crisis globally and help to close the growing gap between climate ambition and climate action.
Three Cairns Group, Galvanize Climate Solutions and Fortescue Future Industries today announce they are investing in fast growing new-energy company Zhero whose purpose is to help accelerate a global affordable energy transition at a time of a worsening energy crisis.
Zhero has been founded by a world-class team that has been at the forefront of energy innovation for many years with a track-record of delivering over $100bn of industry-defining energy projects.
Zhero is targeting Final Investment Decision (“FID”) 5GW (net to Zhero) of innovative flagship low cost energy projects by 2026 across its platforms in the US, Europe and MENA and Australia.
Zhero’s first investment has been Tree Energy Solutions (“TES”).
New York & Amsterdam & Perth – October 27th, 2022 – Zhero, a new green energy development company, has closed its funding round from leading climate investors Three Cairns Group (“Three Cairns”), Galvanize Climate Solutions (“Galvanize”) and Fortescue Future Industries (“FFI”). The funding will support the development of Zhero’s renewable energy, green hydrogen and storage projects.
Zhero was founded by Marco Alverà, Paddy Padmanathan, Alessandra Pasini and Enrico Vitali at a time when a new generation of renewables are positioned for massive scale-up. Zhero is working towards a first target of bringing to FID 5GW (net to Zhero) of projects by 2026.
Zhero will develop, own and operate at-scale projects in renewable power generation, hydrogen and derivatives, interconnections and energy storage, also facilitating the repurposing of traditional energy infrastructure. Projects being developed and assessed includes initiatives in the US, Europe Africa and Middle East and selectively in Australia. Zhero will evaluate partnerships with its shareholders and with other industry participants to ensure faster delivery of scaled industry changing projects. Zhero’s first investment was in Tree Energy Solutions (TES). TES aims to accelerate the development of a world leading green energy import facility in Germany.
Zhero’s team has a combined unique track record of delivering over $100bn of industry defining energy projects across molecules and electrons as well as deep knowledge in energy storage solutions which will be an essential component to manage increased volatility and growing hydrogen volumes. Zhero will help meet global decarbonizsation goals by developing more resilient and lower cost energy projects. Affordable green energy will be an increasingly critical factor in the transition to a low carbon economy and companies such as Zhero aim to close the growing gap between climate ambition and climate action.
Zhero’s competitive edge will come from applying its well proven expertise across the renewable and hydrogen space including electrolyzers, to minimize time to delivery and maximize value creation. The team brings a distinctive track record on developing large scale complex projects, including gigascale green hydrogen production, unique access and established relationships with suppliers, technology providers, financial institutions, utilities, energy players and offtakers.
Marco Alverà has authored “The Hydrogen Revolution”, an FT book of the year. He has been CEO of Snam, previously worked at Eni, Enel and Goldman Sachs, and has extensive experience in the energy industry. Paddy Padmanathan is the Vice Chairman & Chief Executive of ACWA Power, a start-up he joined in 2005 and developed to a leading developer, owner and operator of power generation, desalinated water production and now green hydrogen plants with a portfolio value in excess of USD 75 Billion and 60 GW of installed capacity. Alessandra Pasini was CFO at Snam, where she also was in charge of international assets, business development and storage activities. She previously worked in the energy and infrastructure space at Barclays and Citi. Enrico Vitali was leading partner of Tremonti Vitali Romagnoli Piccardi e Associati and has been member of the Board of International Advisors of Goldman Sachs. Previously he has been coordinator of the Strategic Committee for the Foreign Development and Defense of the Domestic Interest in Economy.
Three Cairns Group (www.threecairnsgroup.com) is a mission-driven investment and philanthropic firm founded in 2015 by Mark Gallogly and Lise Strickler. The firm works to build and support innovative organizations, platforms, and initiatives to accelerate climate action.
Galvanize Climate Solutions (www.galvanizeclimatesolutions.com), founded by Tom Steyer and Katie Hall, is a multi-asset, climate-focused investment firm providing capital and expertise to accelerate critical decarbonization solutions. Galvanize, with deep expertise across investment, science and technology, market development, policy, and communications, is a purpose-built climate capital partner.
Fortescue (www.fortescue.com) is one of the world’s most successful iron ore companies, and has been at the forefront of innovation in the mining industry, becoming one of the lowest cost iron ore producers. Now, through its green energy and technology company Fortescue Future Industries (FFI), it is rapidly diversifying the business to become an integrated, global green energy and resources company. Key to this transition are industry leading targets to achieve real zero emissions for Scope 1 and 2 emissions by 2030 and net zero Scope 3 emissions by 2040. FFI is leading the global effort to help decarbonise hard-to-abate sectors and is developing and acquiring the technology and energy supply to help decarbonise Fortescue’s business, while building a global portfolio of renewable green hydrogen and green ammonia projects.