
Japan’s ENEOS Corp. and C2X Ltd. existing shareholders AP Møller Holding and AP Møller-Mærsk have agreed to invest $100 million in the green methanol projects developer.
The companies said in a joint media release that the investment will primarily be used to fund the final development phase of the Beaver Lake Renewables Energy (BLRE) project which C2X is developing together with SunGas Renewables Inc. (SunGas) in Alexandria in the state of Louisiana.
BLRE will produce over 500,000 tonnes of green methanol annually and is negotiating long-term offtake agreements with Maersk and other customers in the shipping, chemicals, and industrial sectors, the partners said. Using SunGas’ S-1000 gasification system, the project will convert biomass into low-carbon methanol and sequester about 1 million tonnes of surplus biogenic carbon dioxide (CO2) per year, generating cost-competitive carbon dioxide removal (CDR) credits, the statement said.
The multibillion-dollar project plans to begin construction in late 2026, creating hundreds of direct and indirect jobs and supporting the local forestry industry by utilizing biomass from closed paper mills, according to the partners. Furthermore, the combined investment will also be used to advance the rest of C2X’s portfolio comprising projects in Spain, Egypt, and other U.S. locations, they said.
“We truly appreciate the continued support of our existing shareholders, and we welcome our new partner, ENEOS, as a significant shareholder in C2X. ENEOS will enable us to accelerate the journey to low-carbon processes for multiple markets and industries. ENEOS’ market position, industry relationships, and technological capabilities will add significant value to C2X’s portfolio. Our collaboration represents not only a strategic partnership but also a shared vision for a more sustainable future”, Brian Davis, CEO of C2X, said.
“We are eager to partner with C2X, a pioneer in green fuels with extensive expertise in this field and a globally competitive portfolio. We have been impressed by the C2X team and its choice of SunGas’ leading gasification technology system to underpin the commercially competitive and economically attractive BLRE project”, Satoru Otatsume, General Manager of ENEOS’ Low-Carbon Solutions Department, said. “Together, this new strategic partnership will enhance ENEOS’ low carbon activities to develop a world-scale business producing and marketing green molecules globally”.
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