European Energy receives €53M funding for methanol plant

European Energy’s upcoming Power-to-X-facility (PtX-facility) in Kassø will be the largest e-methanol facility in the world to date. The Danish Green Investment Fund (DGIF) has now agreed to provide financing of €53 million to the total investment of the facility. Danish bank Jyske Bank is also co-financing.

The PtX facility will deliver the first fuel for the world’s first containership running on e-methanol. European Energy signed an agreement with Maersk in August 2021. The agreement stipulates that European Energy will deliver 10,000 tonnes of carbon neutral e-methanol that Maersk’s first vessel with the ability to operate on green e-methanol will consume annually.

The future PtX facility is supplied with renewable energy from the nearby Kassø Solar Park, which European Energy has developed and built. The solar park is to date the largest solar park in Northern Europe with a capacity of 300 MW. This corresponds to the solar park being able to supply 75,000 Danish households with green electricity.