Concord Blue Energy, a waste-to-hydrogen technology business, aims to invest some $600 million in expanding in Germany, which is rushing to replace renewable energy with Russian gas in order to achieve climate change objectives.

In an interview with Bloomberg News Agency, the company’s founder and CEO, Charlie Tannheuser, stated that the company, which has two main headquarters in the American city of Los Angeles and the German city of Dusseldorf, plans to build five power stations in the industrial area of northwestern Germany.

According to the information, the stations will have a total capacity of 23,400 tons of green hydrogen, enough to power 3,200 hydrogen trucks for 100,000 kilometers each year.

The investment comes as Europe’s transition to green energy becomes more urgent, as tensions over the Ukraine conflict continue to drive up gas and oil prices.

The crisis has given new momentum to Germany’s energy transition target, which is part of the country’s ambition to reduce greenhouse gas emissions by more than half by 2030.

Investors, according to Tannheuser, are still wary about hydrogen investments. He stated, “Most financial investors will not invest until we have hydrogen sales agreements in place.” “We need to develop the plants first, according to potential purchasers.”

Breiton Advisory, located in Frankfurt, is advising Concorde Blue on the capital raise. Clean hydrogen is viewed as a cornerstone in Germany’s drive to green energy, according to German Economy Minister Robert Habeck, who stated last month that the situation for hydrogen producers is improving.

Half of the money Concord Blue wants to raise has already been promised by Michigan’s municipal employee retirement system.