Hycamite TCD Technologies Ltd, MOLEA Ltd. and MOL PLUS Co., Ltd. announced the signing of a Memorandum of Understanding (MoU) for cooperation in promoting the application of methane-splitting for power generation and propulsion onboard marine vessels, according to Hycamite's release.
This partnership brings together three organizations to speed up efforts to reduce carbon emissions in the shipping sector. Hycamite will start operations in early 2025 at its recently completed first industrial-scale methane-splitting plant in Kokkola, Finland. Under the MoU, Hycamite will collaborate with MOLEA and MOL PLUS to further develop its onboard methane-splitting technology.
The collaboration will focus on investigating the possibilities of developing and applying Hycamite’s technology in marine applications. With Hycamite’s technology, LNG-fueled ships can convert methane into hydrogen as they sail, and the solid carbon can be offloaded at the port of destination.
Hycamite is a privately owned, deep-tech company headquartered in Kokkola, Finland. Hycamite breaks down methane molecules into clean hydrogen and solid, high-value carbon products using heat and its proprietary zero-emission technology. All Hycamite products have an exceptionally low carbon footprint. Hycamite can tailor its high-value carbon products to customer needs and produce them in industrial quantities. Its methane-splitting technology is based on long-standing research in applied chemistry from the University of Oulu, Finland.
London-based MOLEA is a wholly owned subsidiary of Mitsui O.S.K. Lines, Ltd. In Europe and Africa, MOLEA is committed to offering customers with high value-added services by leveraging the MOL Group’s collective strengths; while inheriting the experience and know-how it has accumulated over the years.
The corporate venture capital (CVC) subsidiary of Mitsui O.S.K. Lines, Ltd., MOL PLUS invests in a wide range of early- and middle-stage startup companies around the world, that have the potential to reform ocean shipping business models and create new businesses in the shipping industry from a medium- to long-term perspective.