C2X LTD, a developer of green methanol projects, and ENEOS Corporation, a Japanese energy company, have announced a $100 million investment in C2X from ENEOS, A.P. Møller Holding, and A.P. Møller – Mærsk, according to ENEOS's release.
The transaction remains subject to customary closing conditions, including regulatory clearances. The funds will primarily support the final development phase of the Beaver Lake Renewable Energy (BLRE) project, undertaken by C2X with SunGas Renewables Inc. in Alexandria, Louisiana.
Upon completion, BLRE is expected to produce over 500,000 tonnes of green methanol annually and is negotiating long-term offtake agreements with Maersk and other customers in the shipping, chemicals, and industrial sectors.
The project will employ SunGas’ S-1000 gasification system to convert biomass into low-carbon methanol and will capture and sequester approximately 1 million tonnes of surplus biogenic CO2 per year from the gasification process, generating carbon dioxide removal credits.
Construction of the multibillion-dollar project is scheduled to begin in the second half of 2026, with plans to create hundreds of direct and indirect jobs and utilize biomass previously supplied to closed paper mills. The investment will also fund additional C2X projects in Spain, Egypt, and other U.S. locations.
ENEOS’ investment includes a strategic partnership with C2X, focusing on methanol offtake and the integration of SunGas’ gasification technology. Morgan Stanley served as the exclusive financial advisor and placement agent for C2X in the capital raise.
C2X LTD is a company established in 2023, dedicated to developing, owning, and operating large-scale green methanol production facilities. Based in London, it targets the supply of low-carbon fuels and feedstocks to the chemical, aviation, and shipping industries. Its portfolio includes projects in Louisiana, Spain, Egypt, and other U.S. locations.
ENEOS Corporation, headquartered in Tokyo, Japan, is a major energy company operating globally in the energy and non-ferrous metals sectors. It engages in upstream and downstream activities, including oil refining, energy supply, and renewable energy development.
A.P. Møller Holding, based in Copenhagen, Denmark, is the parent company of the A.P. Møller Group and the investment arm of the A.P. Møller Foundation. It oversees a diverse portfolio across industries like shipping, energy, and infrastructure.
SunGas Renewables Inc., headquartered in Houston, Texas, is a company specializing in advanced biofuels through biomass gasification technology. Its S-1000 gasification system, originally developed by GTI, converts sustainably sourced biomass into renewable syngas for producing green methanol and other biofuels.