C2X, a green methanol developer, and ENEOS, a Japanese energy company, have secured a $100 million investment from A.P. Moller Holding, and A.P. Moller – Maersk.
C2X reported that the transaction is subject to customary closing conditions, including regulatory approvals.
The investment will primarily fund the final development phase of the BLRE project in Alexandria, Louisiana, a joint venture with SunGas Renewables.
Once operational, BLRE will reportedly produce over 500,000 tonnes of green methanol annually and is negotiating long-term offtakes with Maersk and other customers in shipping, chemicals, and industrial sectors.
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The project will use SunGas’ advanced S-1000 gasification technology to convert biomass into low-carbon methanol.
The project will capture and permanently sequester 1 million tonnes of biogenic CO2 annually, generating cost-competitive carbon dioxide removal (CDR) credits.
With construction set for the second half of 2026, the multibillion-dollar project aims to create hundreds of jobs and support the local forestry industry by utilising biomass from closed paper mills.
The investment will also advance C2X’s projects in Spain, Egypt, and other US locations.
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Brian Davis, CEO of C2X, said: “ENEOS will enable us to accelerate the journey to low carbon processes for multiple markets and industries.
“ENEOS’ market position, industry relationships and technological capabilities will add significant value to C2X’s portfolio.”
Satoru Otatsume, General Manager, Low Carbon Solution Department ENEOS, stated: “We have been impressed by the C2X team and its choice of SunGas’ leading gasification technology system to underpin the commercially competitive and economically attractive BLRE project.
“Together, this new strategic partnership shall enhance ENEOS’ low carbon activities to develop a world scale business producing and marketing green molecules globally.”
