Japanese oil company ENEOS Corporation will provide $100m in funding to support the development of the Beaver Lake Renewable Energy project in Louisiana, led by Denmark-based green methanol company C2X. C2X is backed by majority owner AP Møller Holding and its subsidiary, the shipping group AP Møller – Mærsk.
Green methanol spans methanol produced from biomass (tagged bio-methanol) or that produced from green hydrogen, captured CO2 and renewable electricity – referred to as e-methanol.
The Beaver Lake project, under development by C2X and US technology developer SunGas Renewables, is currently in the front-end engineering design phase. If a final investment decision is taken, it could produce more than 500,000 tonnes of green methanol per year using biogenic carbon and renewable electricity.
The partners are in discussions with Mærsk to establish a long-term offtake agreement for the fuel.
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