Japan's MOL invests in US ammonia project
SUMMARY
The Japanese company has become a joint venture partner in Ascension Clean Energy.
By Shardul SharmaJapanese shipping major Mitsui O.S.K. Lines (MOL), through its subsidiary MOL Clean Energy (MCE), has become a joint venture partner in Ascension Clean Energy (ACE), a proposed clean hydrogen-ammonia production and export facility in the US, MOL said on June 15.
The venture includes other shareholders such as Clean Hydrogen Works, Denbury Carbon Solutions, a carbon solutions provider, and Hafnia, an oil product tanker owner and operator. MOL did not disclose the value of the deal.
The facility aims to produce 7.2mn metric tons/year of clean hydrogen-ammonia, enabling the decarbonisation of challenging sectors like power generation, bunker fuel, heavy transportation, steel processing, and industrial applications.
ACE, with an estimated investment of $7.5bn, is projected to create approximately 1,500 construction jobs over five years and 350 permanents full-time jobs once fully operational, MOL said.
