Denmark-headed renewable energy major and Power-to-X (PtX) developer European Energy A/S, and compatriot global container shipping major A.P. Moller -Maersk (Maersk), have signed a Letter of Intent (LoI) regarding the development of e-methanol plants with a combined production capacity of up to 300 000 tonnes annually.
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As part of the partnership, European Energy will develop and construct large-scale e-methanol projects in North and South America with production starting in 2025/26.
Maersk will be the sole off-taker on a multi-year contract of the e-methanol from the plants.
We are very happy to further strengthen our partnership with Maersk which began with the supply agreement of e-methanol from our plant in Kassø, Denmark, said Knud Erik Andersen, CEO of European Energy.
Underlining European Energy’s business model of combining the entire value chain from the production of renewable electricity to the production of e-methanol, the plants will be located in connection with new renewable electricity facilities developed and constructed by European Energy.
With this new Letter of Lntent, we significantly increase the size of our e-methanol projects and locate them in areas with some of the most inexpensive renewable energy available. This will provide for an even lower cost of e-methanol and accelerate the transition away from fossil-based shipping fuels, Knud Erik Andersen said.
With the first e-methanol agreement with European Energy in Denmark, Maersk secured access to the required amount of e-methanol needed to operate its first feeder vessel in 2023.
To transition towards decarbonization, we need a significant and timely acceleration in the production of green fuels. Green methanol is the only market-ready and scalable available solution today for shipping, said Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands, A.P. Moller – Maersk.
Since then, Maersk has pushed the green methanol agenda further by ordering 12 large container vessels with the ability to operate on green methanol.
These vessels will be on the water from 2024 and are part of Maersk’s ambition to become climate neutral across the entire business by 2040.
Production must be increased through collaboration across the ecosystem and around the world. That is why these partnerships mark an important milestone to get the transition to green energy underway, ended Henriette Hallberg Thygesen.
