In Japan, ENEOS Corporation and C2X jointly announced a combined investment in C2X of $100 million from ENEOS and existing shareholders A.P. Møller Holding and A.P. Møller – Mærsk. The transaction is subject to the satisfaction of customary closing conditions including applicable regulatory clearances.
The proceeds from the 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 tons 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’ S-1000 gasification system to convert biomass into low carbon methanol. The project will also capture and permanently sequester approximately 1 million tons per year of surplus biogenic CO2 from the gasification process, generating high quality and cost-competitive carbon dioxide removal (CDR) credits.
The multibillion-dollar project aims to start construction in second half of 2026 and will generate hundreds of direct and indirect jobs in the catchment area of the plant.
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