Swiss cleantech Synhelion to invest $1bln in Morocco: Report
Swiss-based cleantech Synhelion is planning to invest $1 billion in Morocco to develop a project to produce sustainable synthetic fuel using solar power, CEO and co-founder Gianluca Ambrosetti told Asharq Business.
The project will have a production capacity of nearly 100,000 tonnes of fuel, he said, adding that financing will depend on a combination of bank financing, selling shares, and obtaining government financing.
The company uses the 'sun-to-liquid' technology developed by the Swiss Federal Institute of Technology.
Synhelion has already received European government funding and is backed by companies such as Lufthansa, Italy's Eni and Switzerland-based car importer Amag.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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