C2X, a leading developer of green methanol projects, and ENEOS, Japan’s leading energy company jointly announced a combined investment of $100 million from ENEOS and existing shareholders A.P. Moller Holding and A.P. Moller-Maersk.
The proceeds from the investment will primarily be used to fund the final development phase of the BLRE project which C2X is developing together with SunGas Renewables in Louisiana. Once operational, BLRE will produce over 500,000 tons of green methanol per year. The plant is in discussions to secure long-term offtake from Maersk and other customers in the shipping, chemicals and industrial sectors.
The project will use SunGas’ S-1000 gasification technology system to convert biomass–including waste forestry products–into low carbon methanol. Through this process it will capture and permanently sequester approximately 1 million tons per year of surplus biogenic CO2 from the gasification process, generating high quality and cost-competitive carbon dioxide removal (CDR) credits. The multibillion-dollar project aims to start construction in second half of 2026. It will also support the local forestry industry by providing an outlet for biomass that was previously used in paper mills that have closed over time.
This investment will also be used to advance the rest of C2X’s portfolio comprising projects in Spain, Egypt, and U.S. locations.
“We truly appreciate the continued support of our existing shareholders, and we welcome our new partner, ENEOS, as a significant shareholder in C2X,” said Brian Davis, CEO of C2X. “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. Our collaboration represents not only a strategic partnership but also a shared vision for a more sustainable future.”
ENEOS’ investment is accompanied by a strategic partnership with C2X, which considers methanol offtake and the application of SunGas’ gasification technology into its system portfolio.
“We are eager to partner with C2X, a pioneer in green fuels with extensive expertise in this field and a globally competitive portfolio,” said Satoru Otatsume, General Manager, Low Carbon Solution Department ENEOS. “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.”
