French startup Climate Horizon is seeking to raise more than €100 million ($108 million) for efforts to produce hydrogen from biomass, generate carbon credits and lease trucks powered by the clean fuel.

The company, owned by Luxembourg-based family office Kouros SA, wants to deploy 10 hydrogen-distribution stations in France by the end of 2025, President Florent Bergeret said in an interview in January. Climate Horizon also wants to build about 15 production units for green hydrogen and synthetic gas in France, he said.

“We want to offer decarbonization services to industries and heavy-duty transport,” said Bergeret, who joined Kouros and founded Climate Horizon after working 20 years at French energy giant Engie SA. “It’s for sectors that are the hardest to decarbonize.”

Climate Horizon is working with Nomura Plc on the fundraising. The target is “significantly” more than €100 million, but Bergeret wouldn’t be more specific on the group’s first funding round.
With large European cities progressively restricting access to diesel trucks to curb pollution, Climate Horizon is betting that trucks powered by hydrogen fuel cells are more appealing than battery plug-in vehicles because they offer greater autonomy.

Through its Carbonloop subsidiary, Climate Horizon plans to install units that produce synthetic gas and hydrogen by heating wood residues at extreme temperatures. The process creates biochar, which generates carbon credits by acting as a carbon sink. Biochar can then be sold to farmers, who add it to soil to retain nutrients.

Meantime, through its Hyliko unit, Climate Horizon plans to lease trucks powered by hydrogen fuel cells, deploy green hydrogen filling stations near clients’ facilities and ensure the certification of their carbon credits.

“This hydrogen provided by Hyliko is generating carbon credits, and that’s what’s interesting us,” Yann Colin, head of green mobility at French trucking company Bert, said in interview Wednesday.

The company plans to rent five Hyliko trucks by the end of next year, with each one compensating for the emissions of more than two diesel trucks. Hyliko has preorders for 350 hydrogen trucks from a dozen customers, Chief Executive Officer Ovarith Troeung said.