(Søborg / Denmark) – The Danish project developer European Energy S/A, which specializes in renewable energies, is selling 49 percent of its Kassø e-methanol production plant in the municipality of Aabenraa, Denmark, to the Japanese trading and investment company Mitsui & Co. Kassø MidCo ApS's portfolio also includes a Photovoltaic power plant with an installed capacity of 304 megawatts. It is “the largest transaction in the history of European Energy,” says the company, without giving specific figures.
Solar park for methanol production
The system is supplied with electricity by the connected solar park, which in turn is connected to the Danish transmission grid. In addition, the excess heat from upstream hydrogen production is used to supply district heating to more than 2.000 households in the region.
304 megawatt solar park at Kassø in Aabenraa, Denmark. © Mitsui
The factory is scheduled to go into operation in 2024 and then produce up to 42.000 tons annually. Mitsui “already has a strong presence” in the methanol sector, says Knud Erik Andersen, CEO of European Energy. According to Kenichi Hori, Mitsui President and Chief Executive Officer, the Japanese are seeking further cooperation on future deals between the two companies.
Customers include Lego, Novo Nordisk and Maersk
There are already buyers: These include the Danish toy manufacturer Lego Group and the pharmaceutical company Novo Nordisk A/S. The logistics group AP Moller-Maersk A/S is likely to become one of the largest customers. The Danish shipping company is currently pushing this Methanol drive and has ordered 19 dual-fuel container ships to integrate them into the fleet and retire older ships. Companies around the world have been commissioned to build dedicated e-methanol factories with a global capacity of several million tons.
Celebratory mood after signing Mitsui's entry into European Energy's Kassø project. © European Energy A/S
With 682 ships, Maersk has the world's second largest container ship fleet after Mediterranean Shg Co (MSC, 759 ships; as of June 2023). To reach the company's emissions target by 2030, approximately six million tons of green methanol will be needed per year, and an even larger amount to reach net-zero emissions by 2040.
Since its founding in 2004, European Energy has developed and built renewable energy and Power-to-X systems with an output of almost four gigawatts. The company is currently represented in 28 countries. According to the information, the project pipeline is more than 60 gigawatts.
Class schedule
Rendering of the planned Kassø methanol factory. © Mitsui
