Mitsui & Co., Ltd. (Mitsui), the Japanese trading and investment company, will acquire 49 percent of the 304 MW Solar plant in Kassø and the connected e-methanol facility from European Energy, the renewable energy and green fuel developer.
The Kassø solar park is the largest in Northern Europe, and the e-methanol facility will, when operational in 2024, be the world's largest, producing up to 42,000 tons of e-methanol annually.
With this move, European Energy collaborates with an experienced global partner in renewable energy and methanol production, accelerating progress across this emergent green industry.
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“Green hydrogen, e-fuels, and low carbon chemicals are key to decarbonizing hard-to-abate sectors such as shipping, plastic production and aviation," says European Energy CEO Knud Erik Andersen.
"By partnering with a significant global player like Mitsui, with an already substantial footprint in the methanol sector, we benefit from their extensive experience. Signing this deal is a testament that our strategy works, and we look forward to make large-scale production of e-methanol a reality."
Kenichi Hori, President and Chief Executive Officer, Mitsui & Co., Ltd. says: “We are very pleased to team up with European Energy at the world’s largest e-methanol facility located in Denmark. Mitsui will leverage its expertise in chemicals, renewable energy, shipping, and other industries to enhance the competitiveness of this e-methanol facility. Mitsui will deepen its strategic partnership with European Energy through Kassø and target further collaboration in future business between two companies”.
European Energy
The plant’s e-methanol production will be essential to decarbonize the heavy transport sector and replacing methanol in plastic production with a lower-carbon alternative.
As has previously been announced, A.P. Moller - Maersk, the LEGO Group, and Novo Nordisk are already onboard as off-takers of the e-methanol, with delivery slated to begin in 2024.
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The e-methanol facility will be powered by the connected solar park and connected to the Danish transmission grid, which will assist in balancing it. Furthermore, the excess heat from the hydrogen production will be used for district heating and provide heating for more than 2,000 households in the area.
The Danish and EU authorities shall approve the transaction. (hcn)
