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Mitsui O.S.K. Lines (MOL), one of the world’s top shipping companies, has become the latest shareholder in a proposed large-scale clean hydrogen-ammonia production and export facility under development in Ascension Parish, Louisiana on the U.S. Gulf Coast.
Known as the Ascension Clean Energy project, the facility is expected to produce 7.2 million metric tons of clean hydrogen-ammonia annually, which will help meet the increasing demand for affordable, secure, and low-carbon fuels and feedstock around the world. This clean fuel will be used to decarbonize hard-to-abate sectors such as power generation, maritime shipping, heavy transportation, steel processing, and industrial applications.
MOL is joining the project through its U.S.-based subsidiary, MOL Clean Energy (MCE). Other shareholders include the majority shareholder, Clean Hydrogen Works (CHW), as well as Denbury Carbon Solutions and Hafnia, a leading tanker company.
“Clean hydrogen-ammonia is crucial for decarbonizing the global energy market. With this innovative project, MOL is investing not only in our future growth, but also promoting the development and adoption of clean hydrogen-ammonia within our fleet and customer base,” said MCE’s CEO, Tomoaki Ichida.
As one of the world’s largest shipping companies, MOL is well-positioned to help develop solutions to transport ACE’s clean hydrogen-ammonia to emerging clean energy markets across the globe.
The $7.5 billion project is expected to generate approximately 1,500 construction jobs over five years and 350 permanent, full-time jobs once fully operational. The project will also create an additional 626 jobs in Ascension Parish, along with nearly $2.2 billion in new sales in firms across Louisiana.
The facility is planned for a 1,700- acre site on the west bank of the Mississippi River in Donaldsonville, Louisiana. It will utilize carbon capture and sequestration processes to reduce emissions and produce “blue ammonia,” a product anticipated to be in high demand as a clean energy feedstock in global markets.
ACE is committed to achieving among the world’s lowest lifecycle carbon intensity by capturing up to 98 percent of CO2 emissions from its processes, as well as actively managing upstream CO2 and methane emissions.
“MOL’s practical yet visionary approach to decarbonization will add critical capabilities and insights to support ACE in delivering on its mission to provide customers with affordable and large-scale clean energy solutions,” according to CHW’s Senior Vice President and Chief Operating Officer, Mitch Silver.
Clean Hydrogen Works has said it hopes to make a final investment decision and begin construction in 2024, which would allow the initial phase of production to commence in 2027.
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