Pioneering Sustainable Fuel Projects in France

Supporting the transition of hard-to-abate sectors

International climate regulations and targets accelerate the need for clean energy solutions across hard-to-abate sectors such as aviation, shipping, and chemicals. In Europe, regulatory mandates like RED III are driving demand for synthetic fuels, with targets requiring aviation fuel blends to include 35% green fuels by 2050⁽¹⁾. Another example is the ReFuelEU Aviation regulation, which came into force in 2025 and introduces progressive mandates for the incorporation of sustainable fuels by 2050. Against this backdrop, Elyse Energy has emerged as a key player in the low-carbon molecule space, developing projects to produce sustainable aviation fuels (SAF) and e-methanol, through advanced technologies such as carbon capture, electrolysis, and methanolation.
Founded in 2020 and headquartered in Lyon, Elyse Energy has built a robust pipeline of projects across France, Spain, and Portugal. Its ambition is to produce low-carbon fuels in Europe to contribute to energy sovereignty and the reindustrialisation of territories. The company’s commitment to innovation and the energy transition in the sector was recognised with the French Tech 2030 label and through support from the European Innovation Fund and the European Hydrogen Bank.

Leading the financing of two low-carbon fuels production projects

Elyse Energy has launched two projects, eM-Rhône and BioTJet, that aim to produce low-carbon fuels for industrial, maritime, and aviation clients, contributing significantly to France’s energy transition strategy. Specifically, the eM-Rhône project aims to produce 150,000 tonnes of e-methanol per year and stands as one of the most advanced e-methanol-related initiatives in Europe. The BioTJet project will add hydrogen produced by water electrolysis to an advanced biofuel process, to produce sustainable aviation fuels via the so-called “power-biomass-to-liquids” pathway, with the objective to produce 82,000 tonnes of SAF per year. The financing has been structured into a single transaction—bringing together the eM-Rhône and the BioTJet projects.

Societe Generale acted as Financial Advisor and MLA for the transaction. 

Both transactions benefit from the French Treasury’s GPS Facility, with BpiFrance Assurance Export covering 80% of the commercial risks borne by lenders. In total, the financing package includes €63 million under the GPS Facility, along with €7 million in VAT financing. These funds will be used to cover development expenditures and project-related costs, enabling Elyse Energy to move forward with a final investment decision to design, build and operate both projects.
By leading and arranging this financing, Societe Generale reinforces its position as a strategic partner in supporting projects aimed at reducing emissions in hard-to-abate sectors. The transaction highlights the bank’s expertise in structuring complex, multi-stakeholder financings.