C2X nets $100 million funding to step up green methanol game

Eastern vitality company ENEOS, Danish shipping giant Maersk, and A.P. Moller Retaining own agreed to jointly make investments $100 million in green methanol challenge developer C2X to come its global methanol production portfolio.

As disclosed, the proceeds from the funding will seemingly be essentially frail to fund the closing vogue part of the Beaver Lake Renewable Energy (BLRE) challenge being developed by C2X and SunGas Renewables in Louisiana.

Once operational, BLRE is deliberate to manufacture over 500,000 tonnes of green methanol per annum. The challenge is in discussions to valid long-term offtake from Maersk and other avid gamers within the shipping, chemical substances, and industrial sectors.

The challenge will spend SunGas’ S-1000 gasification technology system to convert biomass into low-carbon methanol and also can capture and completely sequester roughly 1 million tonnes per yr of surplus biogenic CO2 from the gasification direction of, producing carbon dioxide removal (CDR) credits.

Construction of the multibillion-dollar challenge is scheduled to birth within the second half of 2026.

C2X will additionally spend the newly secured funding to come the the relaxation of its green methanol portfolio comprising initiatives in other U.S. locations as properly as in Spain and Egypt.

Besides to investing, ENEOS formed a strategic partnership with C2X, which considers methanol offtake and the applying of SunGas’ gasification technology into its system portfolio.

Satoru Otatsume, Smartly-liked Manager, Low Carbon Resolution Division ENEOS, stated: “We are wanting to partner with C2X, a pioneer in green fuels with intensive abilities on this self-discipline and a globally aggressive portfolio. Now we own been impressed by the C2X crew and its preference of SunGas’ leading gasification technology system to underpin the commercially aggressive and economically swish BLRE challenge. Collectively, this fresh strategic partnership shall beef up ENEOS’ low carbon actions to manufacture a world scale enterprise producing and marketing green molecules globally”

Brian Davis, CEO of C2X, commented on the funding: “We truly relish the persisted enhance of our existing shareholders, and we welcome our fresh partner, ENEOS, as a fundamental shareholder in C2X. ENEOS will enable us to lope up the hotfoot to low carbon processes for more than one markets and industries. ENEOS’ market build, enterprise relationships and technological capabilities will add principal rate to C2X’s portfolio. Our collaboration represents no longer only a strategic partnership nonetheless additionally a shared imaginative and prescient for a more sustainable future.”

C2X modified into as soon as established in 2023 by A.P. Moller Retaining as majority proprietor and A.P. Moller – Maersk as the minority proprietor.

The company is pursuing immense-scale green methanol initiatives shut to the Suez Canal in Egypt and the port of Huelva in Spain, as properly as other opportunities all over several geographies, with an ambition to own a production skill of larger than three million tonnes per yr by 2030.