Denmark-headed energy utility major Ørsted A/S has announced that it has reached an agreement with the Swedish electro-fuels (eFuels) project developer Liquid Wind AB under which Ørsted will acquire a 45 percent ownership share of Liquid Wind AB’s FlagshipONE e-methanol project in Örnsköldsvik, Sweden.
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FlagshipONE is a late-stage development project and could become the world’s first large-scale sustainable e-methanol project. Liquid Wind AB plans to establish a series of facilities across Sweden to decarbonize the maritime sector, of which FlagshipONE will be the first.
According to Ørsted, its entry into the FlagshipONE project is a testament to the company’s strategic ambition of building a global leadership position within green fuels and renewable hydrogen. The value of the transaction has not been disclosed.
Ørsted has set the clear strategic ambition of building a global leadership position within renewable hydrogen and green fuels, and our investment in FlagshipONE is clear proof of our commitment to this ambition. Like we did with offshore wind, we are at Ørsted ready to be a driving force in maturing the green fuels industry, where we can play a significant role in decarbonizing hard-to-abate sectors like maritime transport, said Martin Neubert, CCO and Deputy Group CEO of Ørsted.
FlagshipONE will have an electrolyzer capacity of around 70 MW and is expected to produce 50 000 tonnes of e-methanol per year based on renewable hydrogen and biogenic carbon dioxide (CO2).
The electrolysis producing the hydrogen will be powered by onshore wind, and the biogenic CO2 will be captured from the combined heat and power (CHP) plant Hörneborgsverket in Örnsköldsvik, where FlagshipONE will also be located.
Ørsted and Liquid Wind AB expect to commission FlagshipONE in 2024, subject to final investment decision, which could happen as soon as 2022.
We are extremely pleased with the opportunity of engaging in a partnership with Ørsted, a global sustainability leader recognizing e-methanol as a replacement for today’s marine fossil fuels. The interest from Ørsted shows how far Liquid Wind has come and is further evidence for the importance of electro-fuel. Our green fuel will become a dominant fuel for true decarbonization in the hard to abate shipping sectors, reducing CO2 emissions by more than 90 percent. FlagshipONE is the first facility, and it’s Liquid Wind’s ambition to significantly scale up the number of facilities across the world by 2050, said Claes Fredriksson, Founder, and CEO of Liquid Wind.
Growing hydrogen and Power-to-X (PtX) project pipeline
According to the International Energy Agency (IEA), emissions from international shipping have risen by 40 percent from 2000 to 2019 and account for around 2 percent of total global energy-related greenhouse gas (GHG) emissions today. The sector urgently needs new types of fuel to reduce its climate impact.
FlagshipONE adds to Ørsted’s growing hydrogen and Power-to-X (PtX) project pipeline, which includes several projects aimed at decarbonizing maritime transport by delivering sustainable fuels such as the Green Fuels for Denmark (GFDK) project in Copenhagen, Denmark.
By partnering with Liquid Wind on FlagshipONE, we’re entering one of the most promising and exciting projects to supply e-methanol at scale and drive the decarbonization of maritime transport and other uses of e-methanol. With the right framework and societal support, FlagshipONE can become one of the world’s first large-scale e-methanol facilities and important addition to Ørsted’s growing and diverse portfolio of hydrogen and Power-to-X projects, ended Anders Nordstrøm, Head of Ørsted’s hydrogen and Power-to-X activities.
