MOL Invests in US e-Methanol Producer
Mitsui O.S.K. Lines (MOL), through its wholly-owned subsidiary MOL Clean Energy US, has invested in HIF Global, a company developing and operating synthetic fuels (e-fuels) projects, including e-methanol which can be used as an alternative marine fuel for decarbonization of shipping industry.
HIF has a production target of about 4 million tons per year of synthetic fuel (e-fuel) and synthetic methanol (e-methanol) from green hydrogen derived from renewable energy sources and recycled CO2 in four countries: the U.S., Chile, Uruguay, and Australia.
e-fuels and e-methanol are expected to achieve swift and broad application as they can make immediate and significant contributions to reducing the carbon footprint of the entire product life cycle, from production through use of the product.
HIF Global will start with the production of e-gasoline and e-methanol, and is targeting the future production of synthetic sustainable aviation fuel (e-SAF) and synthetic chemicals.
e-methanol is also expected to be adopted as an alternative marine fuel that will contribute to the decarbonization of the shipping industry,
In March, MOL reached an agreement on the joint development of a supply chain for e-Fuels and e-methanol, and signed a memorandum of understanding (MoU) with Idemitsu Kosan, HIF USA, a subsidiary of HIF Global, and HIF Asia Pacific.
With this investment in HIF Global, MOL will further promote the establishment of a supply chain for e-fuels and CO2, setting the stage to decarbonize all types of mobility.