Japan-headed "sogo shosha" Mitsui & Co., Ltd has announced that it has agreed to acquire a 49 percent equity interest in Kasso MidCo ApS, an affiliate of Denmark-headed renewable power major European Energy A/S.
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A low-carbon methanol, e-methanol is produced by synthesizing green hydrogen made by feeding renewable-based electricity into an electrolyzer and green carbon dioxide (CO2) captured from biogenic sources.
Demand for low-carbon methanol is expected to grow greatly in the future as an environmentally friendly next-generation fuel and chemical raw material.
Solar Park Kasso has already constructed one of the largest (304 MW) solar PV facilities in Northern Europe while construction of the electrolyzer and e-methanol plant is underway with production scheduled to start in 2024.
Largest of its kind
Kasso MidCo’s e-methanol business is the world’s largest and is the world’s first commercialized plant that will produce up to 42,000 tonnes of e-methanol annually.
Kasso MidCo has concluded e-methanol sales agreements with leading Danish companies, including global shipping and logistics major A.P. Moller – Maersk A/S, the LEGO Group, and pharmaceutical company Novo Nordisk A/S.
Mitsui will leverage its expertise in chemicals, renewable energy, shipping, and other industries, including in the existing methanol production and sales business, to enhance the competitiveness of the Kasso business.
At the same time, Mitsui will deepen its strategic partnership with European Energy through Kasso MidCo and target further collaboration in future business between the two companies.
In Mitsui’s Medium-term Management Plan 2026, the company has designated Global Energy Transition as one of its key strategies in which e-methanol is seen as one of the viable options.