Eyal Ofer's Zodiac Maritime has participated in the latest round of fundraising by Belgian-based hydrogen energy start-up Tree Energy Solutions.

The company, which is led by former Snam chief executive Marco Alvera, raised €65m ($66.6m) from investors which also included HSBC, UniCredit and German utility Eon.

Proceeds from the raise will be used to accelerate the development of TES’ proprietary circular carbon economy model for the hydrogen market

TES said this was its second round of fundraising in a move it hopes will bring it closer to reaching a final investment decision (FID) by the end of 2023.