European Energy has entered into a 50-year lease agreement with Victoria County Navigation District (Port of Victoria) in Texas in the Port’s North Industrial Park, according to the company's release.
European Energy will develop a e-methanol facility at the site, which can produce around 100,000 tons a year e-methanol. The process involves using renewable solar and wind energy to split water (H2O) into green hydrogen and oxygen. This green hydrogen, along with biogenic carbon dioxide (CO2), would be synthesized on-site to produce e-methanol.
The Power-to-X project at will at Final Investment Decision (FID) commit to an investment of hundreds of millions in Port infrastructure, generating more than 200 jobs during construction and 60 ongoing, local jobs.
European Energy is currently on the verge of completing the world’s largest e-methanol facility at the Kassø facility in Denmark of 32,000 tons/year e-methanol. A list of companies including A.P. Moller Maersk, Novo Nordisk and the LEGO Group has already signed up to be off-takers of the e-methanol. This versatile substance finds applications in the shipping industry as fuel, as a raw material for sustainable green plastics and blended in heavy transport, while significantly contributing to the energy transition by replacing and displacing fossil fuels.