ENEOS, Mærsk To Invest $100m in Green Methanol Portfolio

Japan’s leading energy company has signed an investment agreement with C2X to advance the development of the Beaver Lake Renewable Energy (“BLRE”) project in Louisiana to FID and to further develop its global green methanol project portfolio.

C2X, a leading developer of green methanol projects, and ENEOS have announced a combined investment in C2X of $100m from ENEOS and existing shareholders A.P. Møller Holding and its subsidiary Mærsk. This investment will primarily be used to fund the final development phase of the BLRE project which C2X is developing together with SunGas Renewables in Alexandria in the State of Louisiana.

 Once operational, BLRE will produce over 500,000 tonnes of green methanol per annum and is in discussions to secure long-term offtake from Maersk and other customers in the shipping, chemicals and industrial sectors. The project will use SunGas’ industry leading S-1000 gasification system to convert biomass into low carbon methanol.

CO2 sequestration

The project will also capture and permanently sequester approximately 1 million tonnes per year of surplus biogenic CO2 from the gasification process, generating cost-competitive carbon dioxide removal (CDR) credits. The multibillion-dollar project aims to start construction in second half of 2026. It will also support the local forestry industry by providing an outlet for biomass that was previously used in paper mills that have closed over time.

“We are eager to partner with C2X, a pioneer in green fuels with extensive expertise in this field and a globally competitive portfolio. We have been impressed by the C2X team and its choice of SunGas’ leading gasification technology system to underpin the commercially competitive and economically attractive BLRE project. Together, this new strategic partnership will enhance ENEOS’ low carbon activities to develop a world scale business producing and marketing green molecules globally” said Satoru Otatsume, General Manager, Low Carbon Solutions Department ENEOS.